The ministry of finance Germany is at present headed by Peer Steinbruck. As a part of the federal government of Germany, the finance ministry of Germany plays a major role in the economic growth of the country. It prepares and executes the economic development plans for the country.
The ministry of finance has the important responsibility of preparing the federal budget of the country. The ministry of finance Germany prepares the budget of the country. The main purpose behind the budget is to make a balance sheet of the revenues and the expenditures of the country in a fiscal year.
Once the ministry has prepared the draft, it is placed in front of the Bundestag for approval. After approval of the budget, it is implemented by the ministry of finance Germany. The ministry of finance Germany is also responsible planning and imposing the different type of taxes in the country.
These taxes are also collected by the ministry. These taxes include the income tax, value added tax and a few more. Recently, the finance ministry of Germany has introduced a new plan through which the accumulated taxes can be paid by the defaulters.
After collecting the taxes, the revenue is allotted for different fields as stated in the budget prepared by the same ministry. The ministry also collects the custom duty on behalf of the government.
The ministry of finance Germany regulates the capital market of the country. It takes care of the development of the stock and bond market of the country. At the same time, the ministry encourages the investors to invest in the market. The markets of Germany provides good amount of assistance for the development of the German Economy.
The ministry of finance Germany and the whole government is changing their policies in the recent times. The ministry is at present, moving away from the concept of welfare state. The ministry and the whole government is at present concentrating on the indispensable tasks only. The aim of the ministry of finance Germany is to design the economy of the country in such a manner that every citizen can get enough chance to secure their own existence through their efforts.
Last Updated on : 1st August 2013