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More Tax Revenue for Hamburg

Hamburg can expect higher tax revenues in coming years, says the Hamburg Ministry of Finance. Forecast valid until 2019

The Hamburg tax revenues continues to develop positively. Due to the continuing good economic situation, the city can expect a significant increase in tax revenue in years to come until 2019, according to forecasts of the tax authorities. Peter Tschentscher, Hamburg Minister of Finance, announced the positive outlook at the presentation of the results of the tax estimate of May 2015

Spendings limited

“The basis for the growing tax revenues is the continued good economic development”, Peter Tschentscher said on 19 May 2015. Already since 2011, cautious reductions in financial planning and a consequent limiting expenditure have led to lower deficits and lower borrowings. Still. also the latest tax estimate do not open up a new financial leeway. “The Senate will continue to make caution reductions in expected tax revenues and limit long-term expenditure to maintain growth”, thus Tschentscher.

Optimistic forecast

The tax estimate are based on applicable tax law. All assumptions are based on the spring forecast of the Federal Government as well as available forecasts by the BWVI. Therefore, the current May tax estimate for the current and especially the coming years must be regarded as uncertain, with both positive and negative deviations being possible.

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