Germany Plans Tax Levy Banks Early Next Year
Germany’s cabinet on August 25 adopted a motion on bank restructuring, including the bank tax collection plan. Bank tax plans to begin implementation in January 2011, each bank does not exceed the total annual tax of 15% of its annual profit.
Bank tax is expected to bring an annual 1.2 billion euros, the German government’s tax revenues, these gains will be included in the German bank restructuring fund. Analysts pointed out that the introduction of bank profits tax will be a great impact on the German banking sector. Widely expected in 2010 pre-tax profit of the banking sector may therefore fell 3% to 7%.
Bank tax charged annually
German cabinet passed bank restructuring 25 motion to be struggling to provide a range of tools for banks, allowing banks to have a systemic risk assets transferred to third parties or transitional public private sector bank, instead of relying on government assistance to complete the restructuring .
The bill is the brink of bankruptcy bank consolidation in Germany as part of a package of measures, now pending approval of the German House of Commons and the House of Lords is expected to take effect before the end of 2010.
German Finance Minister Sch
