German federal and state governments have agreed to cut taxes worth €11.6 billion over the next five years, the Handelsblatt reported on Wednesday, citing a Ministry of Finance's document it allegedly had access to.

The tax breaks will be applied retroactively from January 1, 2021 and will cover digital assets such as computer hardware - printers, scanners and monitors, and all types of software, the media outlet added.

The measure is expected to primarily benefit those who work from home, according to the report.