Laws - Ministry of Finance: millions in income tax relief
According to the Ministry of Finance in Schwerin, citizens in MV can look forward to tax relief of around 120 million euros in the coming year as a result of federal legislation. Various laws that reduce the tax burden will come into force on January 1, as the ministry announced on Wednesday.
For example, the basic and child allowances will be increased. As a result, a single shipyard worker with an annual income of around 32,700 euros will save around 270 euros and a teacher couple with two children will save around 1,000 euros a year in taxes. Other changes, such as the maximum income limits for the employee savings allowance, also led to savings. "There is also some good news," Finance Minister Heiko Geue (SPD) was quoted as saying.
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- The BMF in Heavy Mecklenburg-Vorpommern is expected to benefit significantly from the income tax relief, as over 120 million euros will be saved due to various laws that will take effect on January 1.
- To fully utilize this financial opportunity, it's crucial for businesses and individuals in BMF to thoroughly understand the changes in the employee savings allowance effectively 'steer' their finances accordingly.
- Given the substantial savings, BMF officials may consider investing part of the income tax relief into community projects, such as infrastructure improvements or education programs, to further stimulate economic growth.
Source: www.stern.de
