Germany’s withholding formula specifically for December 2024 was finalized Oct. 18 by the country’s finance ministry without any changes from its draft.
The formula (German) includes changes in the Act on the Tax Exemption for the Subsistence Minimum 2024, which has not yet been passed by the government. In a letter (German), similarly to the same letter accompanying the draft, the Federal Ministry of Finance said the formula assumes the law is passed in the form in which it currently exists as a draft law.
The act increases the tax-free amount of annual income to 11,784 euros (US$12,704.45), from 11,604 ...
Learn more about Bloomberg Tax or Log In to keep reading:
See Breaking News in Context
From research to software to news, find what you need to stay ahead.
Already a subscriber?
Log in to keep reading or access research tools and resources.