Germany's upper house of parliament approves tax relief for companies

Germany's upper house of parliament passed on Friday a 3.2 billion euro ($3.46 billion) tax relief package for small and medium-sized companies, aimed at unleashing new investment amid weak foreign demand and high-interest rates.

The government's Growth Opportunities Act passed the lower house of parliament in November but then faced opposition in the Bundesrat, the legislative body that represents the 16 German states at the federal level.

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