The German government announced on Thursday the introduction of a law that will see the tax burden of around 48 million citizens adjusted to inflation.
The so-called “inflation compensation” law provides for two stages of relief from 2023 and 2024, with the aim of offsetting the additional burden of inflation and supporting families in a targeted manner, the executive said in a statement.
The overall volume of aid or funding from the state amounts to 33.1 billion euros in full annual effect, notes the same source, noting that the resolutions are part of the third package of government aid.
Families will receive targeted tax support, for example by increasing the basic tax allowance and the child allowance, as well as an increase in family allowances, the German government continues.
With this law, the subsistence level of children and adults will be indicated in the tax legislation. This is ensured by corresponding increases in the basic allowance and the child allowance.
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