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German 6 Billion-Euro Tax Cut Fully Effective in 2015, Bild Says

Chancellor Angela Merkel’s planned tax relief for Germany won’t take full effect until four years from now, Bild Zeitung said, citing a Finance Ministry draft paper.

Income tax reductions would total 1.9 billion euros ($2.5 billion) in 2013, rising to 5.6 billion euros in 2014 and the full amount of more than 6 billion euros in 2015, the newspaper reported today.

Merkel announced plans on Nov. 6 to cut taxes, starting in 2013, saying the move would help boost economic growth.

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