Germany Sees €52 Billion Tax Hole as Iran War Hits Economy

Germany expects federal tax revenue to plummet by more than €50 billion ($58.9 billion) through 2030 compared to estimates in October as the government laid the blame with US President Donald Trump’s war in Iran.

The projection shows that federal tax income for this year will reach €382.1 billion, or €9.9 billion lower than forecast in the previous estimate released in October, the Finance Ministry said in an emailed statement. The cumulative drop over the next four years is projected to amount to €52.3 billion.