Germany is planning tax cuts totalling 42.5 billion euros over the period to 2024, with 7 billion euros of cuts planned in 2021 alone, Handelsblatt newspaper reported on Thursday, adding that the cabinet would agree the measures at the end of July.
According to the newspaper, these latest measures to stimulate the recovery of Europe's largest economy will include an increase in individuals' tax-free income allowance as well as increases to the income thresholds at which higher income tax rates kick in.
Families will also receive extra money for each child they have, the paper reported.
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