Billion relief: Lindner: pension contributions are fully deductible in the future

Taxpayers should be able to fully deduct their pension contributions from next year.

Billion relief: Lindner: pension contributions are fully deductible in the future

Taxpayers should be able to fully deduct their pension contributions from next year. This emerges from the draft for the annual tax law, which is available to the German Press Agency. According to calculations by the Ministry of Finance, the affected citizens will be relieved by around 3.2 billion euros in 2023. In 2024, it is therefore still about 1.76 billion euros.

The expenses for the old-age provision can be fully taken into account as a special expense. This happens two years earlier than originally planned. "We deliberately prefer this step - because relief is particularly important in times of high inflation," said Finance Minister Christian Lindner (FDP) of the dpa. At the same time, the new regulation creates more clarity in the tax system. "This serves to avoid double taxation," says Lindner.

In the future, pensions will only be taxed in the payment phase in old age. Before that, the expenses for the old-age provision can be claimed for tax purposes. The conversion includes pensions from the statutory pension insurance, the agricultural old-age fund, the professional pension institutions and from basic pension contracts, so-called Rürup pensions.

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