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The package includes advantageous depreciation regulations that enable businesses to decrease the asset value more rapidly, allowing for reductions of up to 30% annually during the initial three years.
It also allows for a 1 percentage point yearly decrease in the corporate tax rate over five years, from 2028 to 2032 included. At the conclusion of the five-year period, the tax rate will decrease to 10 percent.
Furthermore, the authorized package includes tax breaks for businesses purchasing electric vehicles.
The initiatives, needing parliamentary consent, are anticipated to cut the state's tax income by €2.5bn this year, with tax revenue losses totaling €12bn by 2028.
The government plans to submit the draft to parliament in June, prior to the summer break.
source: reuters.com
It also allows for a 1 percentage point yearly decrease in the corporate tax rate over five years, from 2028 to 2032 included. At the conclusion of the five-year period, the tax rate will decrease to 10 percent.
Furthermore, the authorized package includes tax breaks for businesses purchasing electric vehicles.
The initiatives, needing parliamentary consent, are anticipated to cut the state's tax income by €2.5bn this year, with tax revenue losses totaling €12bn by 2028.
The government plans to submit the draft to parliament in June, prior to the summer break.
source: reuters.com
