Coronavirus erodes German tax revenues by 98.6 bln euros in 2020

Germany expects tax revenues on all state levels to come in 98.6 billion euros lower this year than previously projected as the coronavirus crisis massively erodes public finances, a tax document showed on Thursday.

In the medium term until 2024, the hole in tax revenues for federal and state governments as well as municipalities is seen widening to 315.9 billion euros, according to the document compiled by finance ministry officials and other tax experts.