Schäuble blocks startup-boosting bill

Germany's finance ministry blocks a bill to bring tax relief to investors in startups arguing that the bill is lacking substance to stand on its own.

The Finance Ministry of Germany has blocked a law that would have provided tax breaks for investors in startups, Heise.de has written citing reports in news publication Handelsblatt.

Wolfgang Schäuble, a member of the Christian Democratic Union party, has served as the minister of finance since 2009. Although he blocked the bill, the ministry’s secretary Jens Spahn confirmed that the startup boosting measures are still being discussed.

Spahn said however that the measures did not have enough substance to justify a stand-alone bill.

Germany is currently governed by a coalition government between the Christian Democratic Union, Christian Social Union of Bavaria and the Social Democrats.

The bill was part of an agreement reached by the coalition in September 2015 to support the domestic venture capital market. The government wants to usher in a new Gründerzeit, referring to a time of economic growth in Germany and Austria in 19th-century before the great stock market crash of 1873.

See more from this Government Report: Germany

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