BERLIN, (Reuters) – The German Finance Minister Christian Lindner stated that tax relief will be offered to companies and individuals worth at most 30 billion euro ($34.1billion) during the current legislative period.

Lindner said to Bild am Sonntag that “we will relieve people as well small and medium-sized enterprises by significantly more then 30 billion euros.”

Lindner noted that the budget for 2022 was prepared by the former government of Chancellor Angela Merkel. He said that his 2023 draft will provide relief on contributions to pensions and end the electricity surcharge.

Lindner (leader of the fiscally prudent Free Democrats) said that he asked his cabinet members to examine the expenditure projects in their ministries.

“We must get back to sound financial management. “We have a responsibility to the younger generation,” said he.

Lindner stated that the only way to cut costs would be to cancel construction of a new Berlin government terminal. The project was expected to cost 50million euros. His suggestion was to use a temporary building permanently.

A tax bill is being proposed by the minister to assist businesses in coping with ongoing coronavirus outbreaks. It will allow them to recover losses from prior years and offset those losses in 2022/23.

The pandemic caused Olaf Scholz’s coalition to be Chancellor to agree to invoke an emergency clause within the Constitution for the third consecutive year, 2022. This will allow debt limits to be suspended and new borrowing up to 100 billion euro to be permitted.

In 2023, the coalition plans to restore the debt brake rule to the Constitution that restricts new borrowing to just a fraction of economic output.

($1 = 0.8797 euros)