Status: 21.09.2021 02:02 a.m.
The federal and state tax revenues also increased significantly in August – also because the economy is increasingly recovering from the crisis. At the same time, the inflation rate in August was 3.9 percent, the highest it has been since the end of 1993.
The federal and state tax revenues also increased significantly in August. They totaled 55.7 billion euros, 8.2 percent more than in the same month last year, as the newly published monthly report of the Federal Ministry of Finance shows.
In the first eight months, income rose by seven percent within a year to almost 463 billion euros. However, this was 1.7 percent less than in the same period in 2019 – and thus before the virus pandemic.
However, the development of the more cyclical tax types is in line with the recent positive trends and developments in individual economic indicators, explained the ministry. The economic activity, which is picking up as the corona crisis subsides, should have a positive impact on the tax authorities. The gross domestic product rose by 1.6 percent in the spring quarter.
Economy recovers from corona crisis
According to the Ministry of Finance, the economy and the labor market are increasingly recovering from the consequences of the virus crisis. The industry is still suffering from the global shortage of certain materials. “The corona-related delivery difficulties for raw materials and primary products are currently preventing the full order books from being processed quickly.”
Meanwhile, the inflation rate in August was 3.9 percent, higher than it had been since the end of 1993. The ministry justified this with special effects such as the reduction in VAT a year ago. “We can expect a return to more moderate inflation rates in the coming year.”