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Turkish German firms sign new deal for wind power plant

BERLIN: Turkish contractor Ağaoğlu’s energy group have signed a TL 735 million accord with Germany’s Nordex Energy GmbH for wind turbines for a 125 megawatt (MW) wind power plant in the southern Marmara province of Balıkesir. Speaking at the signing ceremony, chairman of Ağaoğlu Group Companies Ali Ağaoğlu underscored that the Ağaoğlu Energy Group continues its investment in the sector. ... Read More »

US tax reform promises big income boost for German carmakers

BERLIN: German carmakers Daimler and BMW said on Friday that a new sweeping US tax reform, giving major breaks to corporations, will add hundreds of millions of euros to their 2017 earnings. The controversial tax overhaul signed into law on Friday by billionaire President Donald Trump will slash the US corporate tax rate from 35% to 21%. As a result, ... Read More »

Germany SPD wants to push for higher tax for rich in coalition

BERLIN: Senior Social Democrat Andrea Nahles said her party wanted to press for a higher top rate of tax for individuals and non-listed companies and ensure the wealthy pay more during talks with Chancellor Angela Merkel’s conservatives on forming a new government. “We need to consider how we can more strongly involve top earners in financing government tasks, namely via ... Read More »

German anti fraud tax rule too broad EU top court rules

BERLINA: Germany’s anti abuse rule that denies withholding tax exemptions on dividend payments that German subsidiaries make to their parent companies in different countries is too overreaching to comply with European Union law, the EU’s high court concluded on Wednesday. The question of exemption  referred to the European Court of Justice by a Cologne court  stems from the EU’s parent-subsidiary ... Read More »

U.S. tax reform poses threat to German jobs investment say leading economists

BERLIN: Several leading German economists have warned against the negative implications of U.S. President Donald Trump’s tax reform for Germany on Wednesday. Clemens Fuest, president of the Ifo Institute for Economic Research (Ifo), told the press that Washington was following an “international trend towards lower taxes” with legislation recently passed in the U.S. Senate. “This will increase competition for investment ... Read More »

German exports to ride recovery tide in EU US and China

BERLIN: German exports and imports will hit record highs in 2018, the BGA trade association said on Tuesday, adding that companies in Europe’s largest economy will continue to reap benefits of a recovery in the United States, the European Union and China. Exports are forecast to rise by 5 percent next year to hit a record high of 1.3 trillion ... Read More »

German planed wood exports skyrocket

BERLIN: Germany saw a growth rate of 16 percent of exports of planed wood products in the first quarter. In the second quarter, exports rose 21 percent. And in the third quarter, exports were up a whopping 59 percent to 14.8 million cubic feet. Buyers outside of Europe were mostly responsible for the increases. Exports to the U.S. were nearly ... Read More »

Germany uses EU funds to finance extremist Iranian regime controlled group,

BERLIN: The German government provides €283,150 to a radical pro-Iranian regime Shi’ite umbrella organization as part of a program to counter extremism. The funds will support the activities of the umbrella organization the Shi’ite communities of Germany (IGS) until the end of 2019, according to a Friday article in Bild newspaper. The paper wrote that money from the EU’s Internal ... Read More »

Customs eGates open to more travelers

BERLINA: European visitors from France, Germany, Ireland and the Netherlands can set about sightseeing and looking for Hobbits more quickly now they have the green light to use Customs’ eGates. Formerly known as SmartGates, eGates allow eligible passengers to complete immigration checks quickly and easily without talking to a Customs officer. Kiwis, Aussies, Brits, Canadians and Americans have been passing ... Read More »

Germans fear huge loss of jobs from US tax reform

BERLINA: While Americans are anxiously awaiting full details of the tax bill now being finalized in Congress, German economists are warning that the changes sought by President Donald Trump mean that significant amounts of new investment and jobs will shift from Europe to the United States. “The tax competition will have a new dimension,” said Christoph Spengel, chairman of the ... Read More »

German economy to grow by 2.6 pct in 2018,

BERLIN: The German economy will expand by 2.6 percent next year, the Ifo institute said on Thursday in its updated forecast for Europe’s economic powerhouse, pointing to a broad upswing that is generating record-high employment and buoyant tax revenues. The surprisingly bullish projection – a hike from Ifo’s previous estimate of 2.0 percent for 2018 comes despite a political stalemate, ... Read More »

Germany’s diesel tax Break,

BERLIN: Matthias Muller, the Chief Executive Officer of German auto giant Volkswagen, has said that tax breaks on diesel fuel would be better spent by the Government on promoting clean energy sources. Diesel engined vehicles, which typically produce less carbon emissions than petrol cars, have been promoted heavily to consumers in Germany, and while the annual tax on a diesel ... Read More »

80% drop in customs tax of imported cars starting 2018,

BERLIN:: Head of Egypt’s Customs Authority Magdy Abdel Aziz said Sunday that the customs tax on cars, which currently stands at 135 percent, will be cut by 80 percent starting January 2018 for cars imported from countries included in the Agadir and EU agreements. During an interview with TV host Tamer Amin on his show on the Al-Hayat channel, Aziz ... Read More »

Volkswagen boss urges end to diesel tax breaks,

BERLIN: The head of the world’s biggest automaker Volkswagen has issued an unprecedented call to end tax breaks for diesel fuel in Germany, saying the technology must make way for cleaner ways of getting around. “We could more usefully invest the money in environmentally friendly propulsion.” German carmakers like BMW, Mercedes Benz and Volkswagen with its 12 brands ranging from ... Read More »

Surprise fall in German exports narrows trade surplus in October,

BERLIN: German exports fell unexpectedly in October and imports jumped, narrowing the trade surplus and adding to evidence that Europe’s biggest economy started the fourth quarter on a weak footing, data showed on Friday. Seasonally adjusted exports edged down by 0.4 percent on the month while vibrant domestic demand pushed up imports by 1.8 percent, data from the Federal Statistics ... Read More »

Brexit saps German car exports: industry federation

BERLIN: Car exports from Europe’s powerhouse economy Germany have fallen in 2017, partly due to the weaker pound undermining British demand, the head of the nation’s auto industry federation said Wednesday. “Brexit and the related lower demand in Britain caused by exchange rates” had contributed to a 2.0 percent fall in car exports, to 4.3 million vehicles, German federation of ... Read More »

German exporters fear punitive levy in U.S. tax overhaul.

BERLIN: BERLIN, Dec 5 (Reuters) – Germany’s DIHK chambers of commerce and industry lifted their export growth forecast for this year but warned on tuesday that a U.S. tax reform bill could harm German exporters. The DIHK said it expects German exports to grow by 4.5 percent in 2017, higher than a previous estimate of 4.0 percent. It added that ... Read More »

Berlin using customs union upgrade as political tool

BERLIN: recent series of events has set off a quasi-reconciliation process between Turkey and Germany. Inundated by a great number of issues and crises over the course of the last one-and-a-half years, the two countries now strive to salvage the marred ties. Besides bilateral matters, the skirmish between Ankara and Berlin spilled over across the European Union. The process of ... Read More »

German prosecutors raid Commerzbank in tax evasion probe

  FRANKFURT: Germany’s Commerzbank (CBKG.DE) has become the target of a tax evasion probe in which several current and former managers are suspected of evading 40 million euros ($47 million) in taxes via so-called dividend stripping. Prosecutors said on Friday they had searched the offices of a major Frankfurt bank and private homes this week. The bank involved was Commerzbank, ... Read More »

Germany to confirm size of expected budget surplus next month

  BERLIN: Germany expects a budget surplus in 2017, but will not know its full extent until Nov. 9 when the finance ministry gets a new assessment of expected tax revenues, acting Finance Minister Peter Altmaier told broadcaster ARD on Sunday. Altmaier declined to confirm a report in Der Spiegel magazine on Saturday which projected a federal budget surplus of ... Read More »