No to extension of VAT cut

BERLIN: German Finance Minister Olaf Scholz has said he was opposed to an extension of a temporary cut of the value added tax (VAT) meant to stimulate the pandemic-hit economy, public broadcaster SWR reported.

“It’s important to say at the beginning when it will end,” Scholz was quoted as saying.

Berlin hopes its stimulus package,

€130bil worth more than (Us$153bil) including a VAT cut to boost domestic demand, will help the economy return to growth.