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,…
Tax revenue in Latvia totalled EUR 5.387bn in the first five months of 2023, which was EUR 600.9mn (12.6%) higher than in the same period of 2022, according to data from the Finance Ministry, LETA reported. Tax revenue thus exceeded the budget plan by EUR 166.4mn (3.2%). State tax revenue amounted to EUR 4.241bn (2.8%…
Lithuania’s Finance Ministry has revised its GDP forecast for 2023, now projecting a contraction of 1%, Baltic News Network reports. In March 2023, the ministry predicted a GDP growth of 0.5% for 2023. As per the ministry’s updated forecast, the economy will expand by 2.5% in 2024, while the previous forecast had projected a 3%…
Lithuania has submitted a request to the European Commission, seeking a loan of over EUR 1.8bn from the EU’s Recovery and Resilience Facility (RRF) for investments, Baltic News Network reports. Finance Minister Gintare Skaiste said that around EUR 1bn would be allocated for loans to businesses and industry, while an additional EUR 700mn would be…
