Germany raises forecast for 2012 tax revenues

AP News
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Posted: May 10, 2012 10:33 AM
Germany raises forecast for 2012 tax revenues

Germany says it expects its tax income over the next few years to be slightly higher than previously predicted due to a healthy job market and rising personal incomes.

The Finance Ministry said Thursday that tax experts predicted a total revenues of (EURO)596.5 billion ($773.5 billion) this year for Germany's federal, state and municipal governments. That's about (EURO)4.5 billion more than what they predicted last November.

The forecast for 2013 rose nearly (EURO)5 billion to (EURO)618.1 billion and predictions for the following three years also increased.

Germany, Europe's biggest economy, has remained healthy while many other countries in the 17-nation eurozone have struggled amid Europe's debt crisis. Germany's unemployment rate dropped to 7 percent last month, its best April showing in 20 years.