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Germany

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About

Germany

Capital
Official languages
Population 
Currency

ISO 4217

Berlin

German

83.02 million

Euro

EUR

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Economy

Germany has one of the strongest economies in the world. According to the World Bank, Germany's GDP in 2019 was $3.86 trillion, making it the fourth largest economy in the world. The country also has a very low unemployment rate of 5.1%, which is one of the lowest in the European Union. Germany is also a major exporter, with exports totaling $1.3 trillion in 2019. The country is also a major importer, with imports totaling $1.1 trillion in 2019. Germany is also a major player in the global financial markets, with a total of $3.2 trillion in assets held by German banks. Overall, Germany has a strong and stable economy that is well-positioned to continue to grow in the future.

Taxation

Corporate Taxation:

Companies in Germany are subject to a corporate tax rate of 15%. In addition to corporate tax, companies may also be subject to other taxes such as trade tax, value-added tax (VAT), and capital gains tax.


Personal Taxation:

Individuals in Germany are subject to a progressive income tax system, which ranges from 0% to 45% depending on their income level. The tax rate starts at 0% for individuals earning up to €9,408 annually and gradually increases up to 45% for individuals earning over €270,501 annually.


Tax Payment Process:

The tax year in Germany runs from 1st January to 31st December of the same year. Both individuals and corporations are required to file their tax returns annually, with the deadline for filing being in May of the following year.


Taxpayers can make their payments at any authorized bank or online through the German tax authorities' website. In addition to income tax, taxpayers may also be subject to other taxes such as capital gains tax, inheritance tax, property tax, and solidarity surcharge.


The German tax system is also known for its "Steuerklasse" or tax class system, which determines the amount of income tax an individual must pay based on their marital status and number of children.


In summary, the tax system in Germany is based on a progressive income tax system for individuals, with tax rates ranging from 0% to 45%. Corporations are subject to a corporate tax rate of 15%, as well as other taxes such as trade tax and VAT. The tax year runs from January 1st to December 31st with the deadline for filing tax returns being in May of the following year. Taxpayers can make their payments at any authorized bank or online through the German tax authorities' website.

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