German finance minister opposes extension of VAT cut

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German Finance Minister Olaf Scholz on Monday said he was opposed to an extension of a temporary cut of the value added tax 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, worth more than 130 billion euro ($153 billion) including a VAT cut to boost domestic demand, will help the economy return to growth.

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