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Germany: cabinet approved VAT reduction and baby bonus

Here are some of the key measures in the 130 bn package

12 June, 18:58
(ANSA) - BERLINO, 12 GIU - Angela Merkel's cabinet ratified the VAT reduction, foreseen in the 130 bn aid package. From July until December 31st, the rate will be reduced from 19% to 16%.

The discounted rate is reduced from 7 to 5%. The goal is to boost consumption. Moreover, families will receive a one-off € 300 baby bonus for each child. The two measures approved today by the Council of Ministers must now pass in the Bundestag and the Bundesrat on June 29. (ANSA).

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