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Coronavirus: Multibillion-euro protective shield for Germany

Ger­many is well pre­pared fi­nan­cial­ly to deal with the im­pact of the coro­n­avirus epi­dem­ic. The Ger­man Fi­nance Min­istry has launched a multi­bil­lion-eu­ro pro­gramme of loans and tax pol­i­cy mea­sures.

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Climate action Phasing out coal to fulfil climate targets

On 29 Jan­uary 2020, the Ger­man cab­i­net adopt­ed draft leg­is­la­tion on the phas­ing out of coal in Ger­many. The bill sets out a de­tailed roadmap for shut­ting down coal-fired pow­er sta­tions, which are harm­ful to the cli­mate. The Fed­er­a­tion has al­lo­cat­ed €40bn for the struc­tural trans­for­ma­tion. The funds will help the af­fect­ed re­gions to build new ca­pac­i­ty and cre­ate new jobs.

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Taxation New task force to combat tax fraud and tax avoidance

A new task force is be­ing set up to de­tect il­lic­it tax schemes and large-scale tax fraud such as cum/ex ar­range­ments more quick­ly and put a stop to them. This will make an im­por­tant con­tri­bu­tion to fair tax­a­tion. The strong and ef­fec­tive new task force will be lo­cat­ed at the Fed­er­al Cen­tral Tax Of­fice. It will sup­port fed­er­al and Land (state) au­thor­i­ties in pro­cess­ing pend­ing cas­es, act as a cen­tral con­tact point for de­tect­ing new tax schemes, and have the pow­er to con­duct its own in­ves­ti­ga­tions.

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Customs Act to Combat Unlawful Employment and Benefit Fraud

Ger­many adopt­ed the Act to Com­bat Un­law­ful Em­ploy­ment and Ben­e­fit Fraud in June 2019. Ini­ti­at­ed by Fi­nance Min­is­ter Olaf Scholz, the new leg­is­la­tion gives ma­jor re­in­force­ment to the cus­toms ad­min­is­tra­tion’s spe­cial mon­i­tor­ing unit for un­de­clared work, en­abling it to fight un­law­ful em­ploy­ment and the mis­use of gov­ern­ment ben­e­fits more con­sis­tent­ly and ef­fec­tive­ly.

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G7/G20

The heads of state and gov­ern­ment of the world’s sev­en lead­ing ad­vanced economies (G7) and 20 ma­jor eco­nom­ic and po­lit­i­cal pow­ers (G20) meet an­nu­al­ly at the in­vi­ta­tion of the coun­try hold­ing the pres­i­den­cy that year.

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Around 90 of­fi­cials of the Fi­nance Min­istry work in oth­er coun­tries all over the world. This se­ries of ar­ti­cles will give you an in­sight in­to the ev­ery­day lives of our rep­re­sen­ta­tives who work at Ger­man em­bassies and with supra­na­tion­al and in­ter­na­tion­al or­gan­i­sa­tions. Their job is to mon­i­tor and eval­u­ate cur­rent de­vel­op­ments in fi­nan­cial, eco­nom­ic, mon­e­tary and tax poli­cies.

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