About: http://data.cimple.eu/news-article/be778e8ea77081c4ff08ceee161505b12d6ef4f28e4d16918d3b066f

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About: http://data.cimple.eu/news-article/be778e8ea77081c4ff08ceee161505b12d6ef4f28e4d16918d3b066f Goto Sponge NotDistinct Permalink

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rdf:type	schema:NewsArticle
schema:articleBody	Germany's Finance Minister Olaf Scholz is planning an aid package worth 57 billion euros ($62 million) to help local authorities weather the devastating economic storm unleashed by the coronavirus pandemic, German media reported Saturday. The help would come on top of an aid package worth a staggering 1.1 trillion euros rushed through parliament to shield Europe's biggest economy from the fallout of the pandemic. The latest support would include an emergency aid component making up for lost tax revenues from crisis-hit businesses, newspapers Rheinische Post and Westdeutsche Allgemeine Zeitung reported, citing a finance ministry proposal. All affected municipalities will "receive a lump-sum compensation for their lower corporate tax revenues," the newspapers said. Half of the cost of this compensation would be borne by the federal government, and the other half by state authorities. Latest estimates from the ministry show that this year's corporate tax intake of local authorities would come in 11.8 billion euros short of a previous forecast. In addition, the package would offer help to the most heavily-indebted municipalities. The federal government will take on half of the debt incurred by the 2,000 most heavily-indebted municipalities -- which was estimated at 45 billion euros in 2018. "This protection shield should not only get cities and municipalities through the current difficult situation, but also put them permanently in a position where they can better perform their tasks," Scholz told Rheinische Post. Underlining the unprecedented scale of the crisis unleashed by the pandemic, Germany has opened its coffers to help shore up the economy, which was headed for "the worst recession" in its post-war history. cha-hmn/dl
schema:headline	Germany to shore up local authorities with 57-bn-euro aid: report
schema:mentions	Johann Martin Augustin Scholz Unleashed (band) Finance minister Corporate tax Olaf Scholz Recession Germany European Union Pandemic Coronavirus Westdeutsche Allgemeine Zeitung Rheinische Post
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-05-16 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	82 (xsd:integer)

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