MNI BRIEF: Japan Q1 GDP To Fall 0.4% Q/Q; Annualised -1.6%

MNI BRIEF: Canada Opposition Leader Removed From Legislature

CANADA Q1 FLASH ANNUALIZED GDP +2.5%, +0.6% QOQ

MNI WATCH: CNB Seen Cutting 50Bps to 5.25%, Signal Slower Pace

MNI China Daily Summary: Tuesday, April 30

MNI BRIEF: China To Keep Tackling Risks In Real Estate, Debts

US MBA: REFIS -3% SA; PURCH INDEX -2% SA THRU APRIL 26 WK

MNI: US MBA: MARKET COMPOSITE -2.3% SA THRU APR 26 WK

Small upward revision to UK manufacturing PMI; little market impact

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Tax Revenue Tracking Around E10bln Lower than YTD Forecast (2/2)

GERMAN DATA
Data BulletDataHomepageBulletMarketsFixed Income BulletsForeign Exchange Bullets

Further details on revenue below:

  • Joint taxes: Overall, joint taxes, which are split between the federal entity and the states according to set quotas (approximately 50/50), and make up the vast majority of total tax revenue (83.5% 2024 plan), decreased 3.9% Y/Y to E66.8bln in March; YTD standing at 23.3% of planned 2024 revenue vs 24.6% on average since 2017 of the realized yearly revenue.
  • Significantly, import VAT (9.0% of overall rev 2024 plan) decreased 19.6% Y/Y to E17.1bln in March, with the decline driven by a base effect. However, total taxes on turnover (incl. VAT) revenues are stagnating YTD (+0.1% Y/Y) - which are likely to be traced back to the prevailing weak economic conditions in Germany, as mentioned above.
  • Income taxes (29.4%) held up comparatively well in comparison in March but are also tracking lower than historical norms (+5.1% Y/Y, +2.6% YTD, 22.2% of 2024 plan vs 23.8% hist).
  • Withholding tax on interest and capital gains meanwhile at a strong +212% YTD - indicative of high ongoing portfolio liquidations.
  • Elsewhere, federal taxes saw a weak month in March, with real estate transfer tax revenue (1.4% of total rev) tracking below historical standards (24.1% of 2024 plan vs 26.8% hist). Weak real estate transfer taxes are indicative of low turnover in the German housing market.
211 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Further details on revenue below:

  • Joint taxes: Overall, joint taxes, which are split between the federal entity and the states according to set quotas (approximately 50/50), and make up the vast majority of total tax revenue (83.5% 2024 plan), decreased 3.9% Y/Y to E66.8bln in March; YTD standing at 23.3% of planned 2024 revenue vs 24.6% on average since 2017 of the realized yearly revenue.
  • Significantly, import VAT (9.0% of overall rev 2024 plan) decreased 19.6% Y/Y to E17.1bln in March, with the decline driven by a base effect. However, total taxes on turnover (incl. VAT) revenues are stagnating YTD (+0.1% Y/Y) - which are likely to be traced back to the prevailing weak economic conditions in Germany, as mentioned above.
  • Income taxes (29.4%) held up comparatively well in comparison in March but are also tracking lower than historical norms (+5.1% Y/Y, +2.6% YTD, 22.2% of 2024 plan vs 23.8% hist).
  • Withholding tax on interest and capital gains meanwhile at a strong +212% YTD - indicative of high ongoing portfolio liquidations.
  • Elsewhere, federal taxes saw a weak month in March, with real estate transfer tax revenue (1.4% of total rev) tracking below historical standards (24.1% of 2024 plan vs 26.8% hist). Weak real estate transfer taxes are indicative of low turnover in the German housing market.