Finance ministers from Germany’s states unanimously elected Thursday Hamburg’s Senator Dr. Peter Tschentscher “chair” of the Conference of the Ministers of Finance (FMK) for 2018. Tschentscher said emphasis would be “on fighting tax evasion in relation to internet trade and appropriate taxation of international groups of companies in countries where the value creation actually occurs.” Appropriate funding for public tasks and avoiding unfair competitive conditions at the expense of the local economy and mid-sized companies is at stake.
Germany’s Minister of Finance and the Chair of the Conference of the Ministers of Finance act as joint chair of the Stability Council, which meets when necessary, but twice per year at the minimum and usually in May and in early December. After meetings of the Bundesrat’s financial committee, the conference meets to agree on key financial, monetary and tax policy issues with the German states. The Conference of the Ministers of Finance co-ordinates matters of national, fiscal importance between the states and beyond the legislative procedure. Every two years, the chair changes between CDU/CSU and SPD led states.
Sources and further information: