Almost 70 million euros from inheritances and donations
Saxony received 69.9 million euros from inheritances and gifts last year. A total of 620 million euros was left behind in more than 2,300 inheritance cases, according to the State Statistical Office in Kamenz on Thursday. Around a third (35 percent) was accounted for by bank deposits, 28 percent by land or residential property and 19 percent by securities.
Around 3400 heirs paid tax on a total of around 270 million euros - taking into account the statutory allowances. Around 59.1 million euros in inheritance tax was incurred. In most cases (64 percent), the taxable acquisition was less than 50,000 euros, with only a good third of inheritances exceeding this amount.
According to the authority, taxes from inheritances and gifts only benefit the state budget. However, most of them are tax-free due to high tax allowances and therefore do not appear in the statistics.
Despite the significant income from inheritances and donations, a substantial portion of this money is exempt from taxes due to high tax allowances. Many heirs who paid taxes on their inheritances contributed to the state's finances through inheritance taxes, totalling around 59.1 million euros.
Source: www.dpa.com
