Germany announced a new airline ticket departure tax that it believes will raise €1 billion ($1.19 billion) annually, but the airline industry led by IATA slammed the proposal and vowed to fight it vigorously. The tax was part of a package of spending cuts introduced by Chancellor Angela Merkel, who said Berlin needs to slash spending by €80 billion by 2014 to alleviate the nation's shaky fiscal situation. Few details were provided on the departure tax, described by ...

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