Berlin scrubs two billion euros in taxes that never existed

12th May 2011, Comments 0 comments

The German finance ministry said Thursday it would no longer include estimated revenue from a tax on international financial transfers that has never in fact existed.

The budget forecast for 2012 included two billion euros ($2.8 billion) from such a tax, which has met with stiff opposition from many countries around the world.

In all, Germany has forecast 2012 tax revenue of 563.2 billion euros, of which 234.7 billion would be attributed to the federal budget.

"The probability of a judicial application (of the proposed tax) by the start of next year is considerably reduced," the finance ministry acknowledged in a statement.

"The finance ministry will ask the council of ministers to no longer take this tax into account," it added, though Germany would continue to push for a European levy.

© 2011 AFP

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