The Estonian Reform Party has proposed reducing the tax-free income threshold to boost government budget revenue, Prime Minister Kaja Kallas revealed, ERR reports. However, she said that Reform’s coalition partners, Estonia 200 and the Social Democratic Party (SDE), opposed the idea due to its potential adverse impact on low-income earners. Interior Minister Lauri Läänemets of…
Latvia’s Corruption Prevention and Combating Bureau (KNAB) has ordered the opposition National Alliance to pay back to the state EUR 210,673 of state budget financing that the party had spent illegally, LETA reports. Also, KNAB halted the payment of state support to the party for one year. In 2022, the National Alliance spent EUR 554,727…
Estonia’s ruling coalition parties have agreed to introduce a new tax to fund national defence, ERR reports. Incoming prime minister Kristen Michal of the Estonian Reform Party stated that the tax would likely combine increases in VAT, income tax, and excise duties. The aim was to distribute the financial burden evenly across different societal groups,…
Representatives from Lithuania’s five largest commercial banks — Citadele, Luminor, OP Corporate Bank, SEB Bank, and Swedbank — met with Prime Minister Ingrida Simonyte to express dissatisfaction with the extension of the windfall tax on bank profits, BNS reports. They voiced concerns over the unpredictability of the investment environment and the lack of cooperation between…
Lithuania will buy tracked vehicles in the second phase of the government’s plan to acquire infantry fighting vehicles (IFV), Defence Minister Laurynas Kasciunas announced, BNS reports. He said that the Defence Ministry was now in negotiations over the purchase. The minister hopes to secure approval for the procurement in the State Defence Council (VGT) in…
The commander of the Estonian Defence Forces (EDF), General Martin Herem, has calculated that funding needed for additional ammunition amounts to around EUR 3.2bn, Defence Minister Hanno Pevkur revealed, ERR reports. He said that the critical amount of funds needed was EUR 1.6bn. The calculation was based on the targets to be destroyed in a…
The Latvian parliament, the Saeima, has passed a law to dissolve the Rezekne city council due to violations in financial and budget management, LETA reports. The city council served its last day on 1 July 2024, but plans to contest the dissolution in the Constitutional Court. The Ministry of Environmental Protection and Regional Development pointed…
Latvia’s tax revenue totalled EUR 3.325bn in the first quarter of 2024, which was EUR 40.7mn (1.2%) less than planned, according to Finance Ministry data, LETA reports. Tax revenue was EUR 109.2mn (3.4%) higher than in the first quarter of 2023, however. General state budget tax revenues totalled EUR 3.126bn, which was 1.1% short of…
The free world must not fear its own strength, Estonian Prime Minister Kaja Kallas insisted, BNS reported. Speaking at a meeting with French President Emmanuel Macron in Paris, Kallas pointed out that the free world was stronger than Russia and had the resources, economic power, and knowledge to help Ukraine win the war against the…