Germany MOF Releases Draft Bill to Amend Annual Tax Act 2022

The German Ministry of Finance Sept. 14 released a draft bill to amend Annual Tax Act 2022. The draft bill includes measures that would: 1) repeal the decision related to the 42 percent special tax rate applicable to the 2007 assessment period; 2) increase the straight-line depreciation rate to 3 percent for residential buildings; 3) provide a full deduction for special pension expenses from 2023; 4) increase the savings and training allowances; 5) provide a tax exemption for the basic pension surcharge; 6) implement EU VAT directives for the recordkeeping requirements of payment service providers with respect to cross-border transactions; ...