The Latvian government may impose a new surplus profit tax on individual banks as of 2025, Economy Minister Viktors Valainis has announced, LSM reports. The tax could be levied for two years. Valainis argued that the tax would incentivise banks to increase their lending significantly. Banks that increased their volume of lending could then be…
The National Audit Office of Estonia (Riigikontroll) found significant errors in the 2023 state budget act despite the overall accuracy of the state’s financial accounts, ERR reports. Key issues included incorrect recording of transactions in the budgets of the ministries of economy, regional affairs, and agriculture, leading to a discrepancy of EUR 122mn. Additionally, the…
The Lithuanian parliament, the Seimas, has approved the nomination of former prime minister, MEP Andrius Kubilius for Lithuania’s EU commissioner, BNS reports. Altogether 70 MPs voted in favour and 24 against, while 15 abstained. Kubilius said that Lithuania should seek portfolios related to defence, security, and EU enlargement in the new European Commission. He noted…
Hungary is siding with Russia in the war against Ukraine, Estonian Foreign Minister Margus Tsahkna suggested, ERR reports. Speaking on ETV, Tsahkna said that Hungarian Prime Minister Viktor Orbán had begun “fighting for the opposing team.” The Hungarian position was “far removed” from what the EU had agreed upon, Tsahkna stated. He said that Estonia…
Lithuania’s likely EU commissioner nominee, MEP Andrius Kubilius, named security, defence, or EU enlargement as his possible portfolios on the European Commission (EC), BNS reports. Asta Skaisgiryte, chief foreign policy adviser to President Gitanas Nauseda, also noted that EU enlargement and defence were focus policy areas for Lithuania. Speaking in an interview with Ziniu Radijas,…
The Latvian National Armed Forces (NBS) will hold a comprehensive national defence exercise, Namejs 2024, throughout Latvia from 3 September to 8 October 2024, LSM reports. The exercise will involve soldiers from all NBS units, including conscripts, reserve soldiers, and allied troops from several NATO countries. Around 11,000 Latvian and allied soldiers and Latvian National…
Representatives of the three Baltic States are visiting Ukraine to strengthen cooperation in the health care sector and to study the Ukrainian experience of full-scale war, Ukraine’s Ministry of Health announced. The visit was organised jointly with the WHO office in Ukraine. The Baltic representatives will learn about Ukraine’s preparation and response to Russia’s war…
Estonia may need to raise its defence spending to 5% of GDP to implement NATO’s new defence plans, Defence Minister Hanno Pevkur stated, ERR reports. He said that Estonia clearly needed to acquire more capabilities, including air defence systems and equipment to deal with chemical and biological weapons. The money needed would amount to EUR…
The Lithuanian Armed Forces (LGP) have received MP7 A2 submachine guns from German arms manufacturer Heckler & Koch, according to the Ministry of Defence, Army Recognition reports. The contract, signed in October 2023, is valued at EUR 1.56mn over a period of 72 months. The ministry selected the weapons for their tactical and technical features,…