aA
The Lithuanian Cabinet on Wednesday backed in principle new taxes on bank assets and retail turnover, but proposed that the parliament hold consultations on what impact these taxes would have.
Cabinet backs retail and bank taxes
© Shutterstock

Expected revenue from the planned taxes, which are now debated in the Seimas, is included in next year's budget bill.

The Cabinet also recommends that the parliament should look at the date of entry into force of the taxes and their compatibility with EU law.

The parliament is currently debating the ruling bloc's proposal to tax more than 300 million euros' worth of assets of banks, credit unions and other lenders. The measure is expected to generate around 50 million to 60 million euros in additional budget revenue annually.

The Lithuanian Banks' Association says that the tax may run counter to the Constitution and that it would make banking services more expensive.

The Farmers and Greens Union, the biggest party in the Seimas, proposes to impose a new tax on monthly retail turnover above 2 million euros, not including VAT, to raise an estimated 32 million euros in additional tax budget revenue per year. If approved, the new tax would be levied starting next January.

Ruta Vainiene, the head of the Lithuanian Retailers' Association, has told BNS that such a levy would affect retail prices. She thinks that such a tax could be illegitimate.

BNS
It is prohibited to copy and republish the text of this publication without a written permission from UAB „BNS“.

Environmentalists file EUR 48 mln lawsuit against Grigeo Klaipeda

Lithuania's Environmental Protection Department has filed a 48 million euro civil lawsuit against...

Delfi offers its business customers new digital communication services

Banners, specialized content products, and other traditional methods of advertising on websites have...

Lithuania and Sweden are to coordinate actions in implementing Green Deal and transport innovations

During the remote conversation Minister of Transport and Communications of Lithuania Marius Skuodis...

Lobbyist seeks EUR 228,000 from state over law-enforcement actions (1)

Andrius Romanovskis, president of the Lithuanian Business Confederation (LBC), has filed a lawsuit...

Klaipėda FEZ joins the civic air quality monitoring initiative

Klaipėda Free Economic Zone (FEZ) has installed the air monitoring hardware and software, integrated...

Top news

Environmentalists file EUR 48 mln lawsuit against Grigeo Klaipeda

Lithuania's Environmental Protection Department has filed a 48 million euro civil lawsuit against...

Heavy snowfall leaves 25,000 households in Lithuania without power

Up to 25,000 households in Lithuania, mostly in its southern part, were without electricity on Tuesday...

Lithuania may face EU sanctions over cap on forest land acquisitions

The European Commission may launch an infringement procedure against Lithuania if the parliament does...

686 new COVID-19 cases

On Monday, 686 new coronavirus cases were recorded in Lithuania. In total, the country has already...

Delfi offers its business customers new digital communication services

Banners, specialized content products, and other traditional methods of advertising on websites have...