Lithuania’s Deputy Minister of Economy and Innovation, Karolis Zemaitis, visited Taiwan on 3-6 September 2024, ELTA reported. During his visit, the minister met with officials at Taiwan’s Ministry of Digital Affairs and Ministry of Economic Affairs as well as with potential investors. He had meetings with representatives of several local banks and major companies in…
The Estonian Reform Party’s general assembly has elected Prime Minister Kristen Michal as the party’s new chairman, replacing former prime minister Kaja Kallas, ERR reports. Michal received 664 out of 818 votes. In his acceptance speech, Michal said that Reform’s mission was “a self-reliant people, the growth of prosperity and a strong middle class, security…
Lithuania should spend at least 3.5% of its GDP on defence each year, President Gitanas Nauseda stated, BNS reports. He said that military spending should be increased “year after year” to implement plans to modernise the Lithuanian Armed Forces (LGP) and host a full German brigade in the country. Meanwhile, Viktorija Cmilyte-Nielsen, speaker of the Lithuanian…
The Latvian government plans to raise the country’s minimum wage in 2025, Finance Minister Arvils Aseradens announced, LETA reports. Under the minimum wage algorithm, the monthly minimum wage will rise to EUR 740 in 2025, EUR 780 in 2026, EUR 820 in 2027, and EUR 860 in 2028. Currently, the minimum wage stands at EUR…
Lithuania’s Economy Minister, Ausrine Armonaite, rejected the idea of introducing new taxes to fund increased defence spending, BNS reports. Speaking in an interview with Ziniu Radijas, Armonaite insisted that additional money for defence should come from borrowed funds or through economic growth instead. Also, the government should use unused funds of state institutions, she said….
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…
Polish-owned fuel trading company Orlen Latvija remained the largest single taxpayer in Latvia in 2023, according to the State Revenue Service (VID), LSM reports. VID awarded 20 companies in 5 regions in the large, medium, small, and micro-enterprise categories for their labour tax contributions in 2023. The biggest taxpayers in the segment of large enterprises…
Estonia’s three-party coalition of the Estonian Reform Party, Social Democratic Party (SDE), and Estonia 200 has published its new coalition agreement, ERR reports. Under the agreement, the coalition pledges to cut the budget deficit to 3% of GDP in 2025 and 2026, and to reduce it further in 2027. The new government will raise most…
The shadow economy accounts for up to 90% of the car service sector in Latvia, which has completely distorted competition, Andris Kulbergs, board chairman of the Latvian Automotive Association (Auto Asociacija), told LETA. The total turnover of the shadow economy in the sector amounts to almost EUR 200mn per year, the association estimates. The state…