The Latvian government should keep the VAT rate on locally grown fresh fruit, berries, and vegetables reduced at 12% in the coming years as well, Agriculture Minister Armands Krauze stated, BNS reports. The minister said that he would insist on maintaining the reduced VAT rate. Moreover, he argued that the lower rate should be applied…
German ferry operator TT-Line has opened a new direct ferry route between Travemünde and the Lithuanian port of Klaipeda, BNS reports, citing local newspaper Vakaru Ekspresas. The ferry will run on the route once a week. TT-Line now operates altogether seven ferries from Klaipeda: three each to Trelleborg and Karlshamn in Sweden, and now one…
Estonia’s Interior Ministry needs EUR 40mn to complete the deployment of infrastructure on the country’s border with Russia by the end of 2025, Interior Minister Lauri Läänemets estimated, ERR reports. He said that the infrastructure included fencing, technological equipment, access roads, and communication systems. The overall cost could rise to EUR 100mn if the government…
Latvia’s banking association, Finance Latvia Association (FNA), opposes a proposed windfall tax on local banks, LETA reports. The association argued that the tax was “disproportionate, short-sighted, and nontransparent.” FNA warned that the tax would have negative long-term consequences, hampering Latvia’s growth, competitiveness, and attractiveness for private investment. The tax would oblige the financial sector to…
A court of appeal in Sweden has sentenced former Swedbank CEO Birgitte Bonnesen to 15 months in prison over money laundering at the bank’s Estonian branch, BNS reports, citing AFP. The court found that Bonnesen had provided shareholders with false information about measures taken at the branch to prevent money laundering. The appellate court overturned…
The three Baltic States, together with Finland, Poland, and Germany, should build a green hydrogen corridor by 2040, according to a feasibility study commissioned by the Nordic and Baltic gas transmission system operators, BNS reports. The 2,500-kilometre corridor would transport up to 2.7 million tonnes of hydrogen fuel per year. The corridor could reduce CO2…
US private equity group TPG is in talks to invest in the Lithuanian second-hand fashion platform, Vinted, according to the Financial Times, BNS reports. Under the deal, TPG would acquire several hundred million euros worth of existing shares in Vinted. The deal would value the company at EUR 5bn. Vinted has been working with US…
Some internet domains used by Russia to meddle in the upcoming US presidential elections were purchased using the Lithuanian cryptocurrency payment platform, CoinGate, according to the US Federal Bureau of Investigation (FBI), BNS reports. CoinGate is owned by Vilnius-based Decentralized (former Virtualios Valiutos), which established a subsidiary, CoinGate, in the US in 2021. Some of…
Doctors now enjoy the highest salaries in Estonia, surpassing IT experts, according to data from recruitment portal CV Keskus, BNS reported. Salaries offered to doctors now stand at an average of EUR 3,650-4,150 per month, followed by sales managers with EUR 1,900-4,000 and IT specialists with EUR 2,900-3,750. Meanwhile, average salary offers for sales specialists…