Initiative to tax bank assets stalls in Lithuanian parliament

The Lithuanian parliament decided on Tuesday not to debate – at least not for now – a proposal to tax more than 300 million euros' worth of assets of banks, credit unions and other lenders.

The Seimas took into account its Law Department's opinion that the initiative may run counter to the Constitution.

"The provisions of the draft (amendment) are subject to discussion in several aspects, including their compliance with the constitutional principle of equal rights of persons and the jurisprudence of the Constitutional Court," the parliament's lawyers say in their opinion.

The 2020 state budget bill projects around 52 million euros in revenue from the proposed tax.

Critics of the new tax say it will affect final prices for banking services and products.