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Coronavirus

German FinMin: Businesses Have Moral Obligation to Pass on VAT Cut to Customers

BERLIN — Germany’s finance minister says businesses have a “moral obligation” to pass a temporary cut in value-added tax on to customers.

The cut, a centerpiece of a 130 billion-euro ($146 billion) stimulus package aimed at helping pull the economy out of the coronavirus crisis, takes effect for six months starting Wednesday.

The main value-added tax rate was cut to 16% from 19%, and the reduced rate applied to groceries and some other everyday items to 5% from 7%.

Officials are keen to ensure that businesses actually cut prices to encourage buying.

Finance Minister Olaf Scholz told the daily Bild that “if everyone waits to see what others are doing, the economy won’t pick up — and then we could have a long bad economic stretch.”

Scholz, who is also vice chancellor, added that that’s why everyone should play along.

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JANUARY 14-17 GLENBROOK, NV – The Greek Orthodox Metropolis of San Francisco 2022 Young Adult Winter Retreat ‘Citizens of the Desert: Embracing Our Role as Christian Witnesses to Our World’ takes place January 14-17, Martin Luther King weekend, at Lake Tahoe, the Galilee Camp and Conference Center, 1776 U.

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CHICAGO – The Greek Women’s University Club (GWUC) celebrated the organization’s 90th anniversary and the launch of the Hellenic Revolution’s 200th anniversary with a scholarship presentation to three female students on December 29th at Jameson’s Charhouse.

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The long-awaited historical epic film My Beloved Smyrna (Σμυρνη Μου Αγαπημενη)  has arrived in Greek cinema theaters after a glamorous premiere at the Megaron - Athens Concert Hall.

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TNH’s Happenings of the Week by Eraklis Diamataris

The National Herald’s Happenings of the Week (Jan 8 – Jan 15) as have been reported at the print and digital editions of TNH and presented by the TNH Editor Eraklis Diamataris.