German Federal Cabinet Approves Tax Reform Plans to Promote Growth and Improve the Competitiveness of Germany as a Business Location

The German Ministry of Finance has announced that the Federal Cabinet has approved the draft Growth Opportunities Act, which was first introduced in July 2023 and includes several important tax reform measures. The Growth Opportunities Act was approved as part of a 10-point plan to promote growth and improve the competitiveness of Germany as a business location. Tax measures highlighted in the plan include:

• A tax investment allowance for climate protection investments equal to 15% of a com…