Lithuanian commercial banks and other credit institutions are due to pay a total of over EUR 50mn in temporary solidarity tax by 31 August 2023, BNS reports. Banks will have to pay the full tax for 2023 by 15 June 2024. The tax is calculated based on net interest income that exceeds the average income…
Estonia’s GDP totalled EUR 9.42bn at current prices in the the second quarter of 2023, which was up 5.1% from the same period of 2022, according to data from Statistics Estonia, ERR reports. Real GDP fell by 2.9% over a year, however. Compared to the first quarter of 2023, seasonally adjusted real GDP decreased by…
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…
More than 50,000 people in Estonia have signed a public petition against the introduction of a car tax, BNS reports. The petition is thus the most successful public petition to date in Estonia. The petition is open until 31 August 2023. Priit Tammeraid, board chairman of the Estonian Car Owners Association (EAOL), said that the…
The Estonian Tax and Customs Board (EMTA) collected EUR 6.12bn in taxes in the first half of 2023, which was 4.8% more than in the same period of 2022, ERR reports. State budget revenue amounted to 47.4% of the annual budget target. Social tax revenue rose by 12.2%, personal income tax revenue by 11.7%, and…
The amount of VAT violations in Estonia doubled in the first seven months of 2023, according to the Estonian Tax and Customs Board (EMTA), BNS reports. EMTA inspected and advised 5,000 companies over the period, resulting in increased VAT obligations of EUR 35.8mn, which is twice as much as a year earlier and EUR 6mn…
Estonian media reported that the Office of the President has made the promulgation of legislation passed by the parliament, the Riigikogu, contingent on the government agreeing to allocate additional funding, ERR reports. An anonymous minister told Postimees that Peep Jahilo, head of the Office of the President, requested an additional EUR 360,000 of funding from government…
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…
The Lithuanian government has allocated EUR 276mn from borrowed funds for military mobility and infrastructure projects in 2023, BNS reports. Finance Minister Gintare Skaiste said that the Defence Ministry would invest EUR 148mn and the Ministry of Transport and Communications another EUR 128mn in the first year of the investment programme. Total investments in military…
