Latvia’s Ministry of Finance plans to submit draft laws on the state budget for 2024 and budget plans for 2024-2026 to the parliament, the Saeima, on 3 November 2023, LETA reports. The government will discuss the budget at its next meeting. The new coalition government’s declaration pledges to carry out a “balanced social, environmental, and…
Commercial banks and other credit institutions in Lithuania have paid EUR 56mn in temporary solidarity tax for the second quarter of 2023, according to the Finance Ministry’s preliminary data, BNS reports. Altogether 18 credit institutions made the first quarterly advance payment by the deadline of 31 August 2023. Swedbank paid EUR 25mn, followed by SEB…
Latvia’s central bank, the Bank of Latvia, supports the Finance Ministry’s plan to introduce a mandatory requirement that banks pay corporate income tax on their profits in advance, LSM reports. Martins Kazaks, governor of the Bank of Latvia, argued that the solution should be permanent, thus ensuring that banks contribute to the state budget every…
The state budget control select committee of Estonia’s parliament, the Riigikogu, held an extraordinary session on 8 August 2023 to discuss a controversy over alleged “horse trading” by the Office of the President, ERR reports. Earlier, presidential adviser Toomas Sildam had an informal discussion with Merike Saks, secretary general of the Ministry of Finance, in…
The director general of Latvia’s State Revenue Service (VID), Ieva Jaunzeme, has informed the Ministry of Finance that she will not seek another term in office, LETA reports. Jaunzeme will continue to serve as head of VID until the end of her term on 12 February 2024, provided that VID manages to complete tasks set…
Latvian ministries and other institutions have submitted proposals for priority budget measures worth EUR 1.983bn for 2024, according to the Ministry of Finance, LETA reports. Finance Minister Arvils Aseradens said that funding requests were EUR 250mn lower than in 2023. The largest requests were for teacher wages, health care, and defence. Other requests included covering…
Estonia’s Finance Ministry has proposed two alternative models for a motor vehicle tax, BNS reports. Under the first model, the tax would be based on the environmental impact of the motor vehicle over its entire life cycle, including manufacture, use, and disposal. Under the second model, the tax would be based on the amount of…
Estonia’s state budget deficit is likely to be smaller than forecast in 2023, the Ministry of Finance announced, ERR reports. In the first five months of 2023, budget revenues increased more than expected due to the rapid growth of wages and rise in prices. Tax revenue was 10% higher than a year earlier. At the…
The Estonian government has transferred 12 state-owned enterprises under the management of the new Ministry of Environment, ERR reports. The companies were previously managed by the Ministry of Economic Affairs and Communications. The Ministry of Environment will manage Eesti Raudtee, Elering, Elron, Nordic Aviation Group (Nordica), Operail, Port of Tallinn, Rail Baltic Estonia, Saarte Liinid,…