Germany Notes Abolition of Solidarity Surcharge Beginning in 2021

The Germany Ministry of Finance has issued a release (video) on the abolition of the Solidarity Surcharge beginning 1 January 2021. The 5.5% surcharge was introduced for both individual and corporate taxpayers with effect from the 1995 assessment period to fund reunification of East and West Germany. As previously reported, the first step in abolishing the surcharge was approved in December 2019, with an increase in the surcharge exemption for individuals to EUR 16,956 for single taxpayers a…