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News Brief: The 2024 tax year introduces significant changes affecting taxpayers, including increased allowances and rising taxes on various services. While some benefits have been eliminated, others present new opportunities for savings.

Taxpayers in Germany will face a mixed bag of changes in 2024, with the end of certain benefits like the E-car premium and increased VAT on restaurant meals. However, new provisions under the Growth Opportunities Act offer some relief, including an increase in the exemption for private sales from €600 to €1,000, and higher allowances for employee capital participation. The CO2 tax rises to €45 per ton, while the basic tax allowance increases to €11,784. Additionally, the child allowance is now €3,306 per parent, with fewer reductions for families living abroad. The minimum wage will rise to €12.41, and the degressive depreciation method for residential properties will be introduced to encourage investment. These changes reflect a broader trend of tax adjustments aimed at balancing benefits and responsibilities for taxpayers. نقلاً عن [Handelsblatt]

Original Source: www.handelsblatt.com