BERLIN (MNI) – The German Finance Ministry expects federal tax
revenue this year to be some E10 billion above tax estimates made in
April, German weekly Der Spiegel reported Monday.
Combined regional and local government tax revenue will likely also
exceed tax estimates by some E10 billion in 2011, the magazine cited
finance ministry sources as saying.
The ministry projects federal tax revenue next year to exceed the
additional E2 billion already earmarked in the 2012 budget draft —
possibly by several hundred million euros, Der Spiegel reported.
Last week, the ministry reported that federal tax revenue had risen
9.6% y/y in September and was up 10.3% y/y in the Jan-Sep period. The
government’s standing full-year forecast from April is for federal tax
revenue growth of only 5.1% in 2011.
The ministry reaffirmed its expectation that federal net new
borrowing this year will likely be significantly below E30 billion,
thus, markedly undershooting the E48.4 billion estimated in the 2011
budget.
Total tax revenue (excluding local taxes) rose 7.3% y/y in
September, the ministry said. In the first nine months of the year,
total tax revenue (ex-local) was up 8.6% y/y compared to a full-year
forecast of +4.4%.
–Berlin bureau: +49-30-22 62 05 80; email: twidder@marketnews.com
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