bnn.lv Latviski   bnn-news.com English   bnn-news.ru По-русски
Friday 15.12.2017 | Name days: Jana, Johanna, Hanna
LithuaniaLithuania

Week in Lithuania. Tax collection results stokes FM’s optimism for 2016

FaceBook
Twitter
Draugiem
print
(+1 rating, 1 votes)

Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RU

Lithuania’s Finance Minister Rimantas Šadžius says that 2015 was a breakthrough in tax collection for Lithuania and that extra revenue is projected for 2016.

He noted that, in the 2016 budget, a certain principle of responsible budget revenue planning was used probably for the first time in the history of Lithuania. The only tax revenue included in the budget project was that which was based on macroeconomic calculations. In addition, the State Tax Inspectorate (VMI) will be instructed to further improve tax collection, the minister said.

Nearly a thousand servicemen will serve in NATO and EU rapid response forces in 2016

On January 1, 2016, about 700 Lithuanian soldiers with infantry equipment and vehicles began to stand by for the NATO and EU rapid response forces. Units and soldiers of the Lithuanian Land Force, Lithuanian Special Operations Forces, Logistics Command, Deployable Communications and Information Systems Module, Military Police, and Military Medical Services will be on standby for different components of the NATO Response Force (NRF) in 2016.

Party charged with influence peddling and money laundering

Lithuania’s Special Investigation Service’s (STT) Vilnius Department has brought charges against the Order and Justice political party over suspicions of influence peddling and money laundering. The pre-trial investigation was launched in 2014 following suspicions that private business companies could have covered part of 42,000 euro cost of the Order and Justice party-supported Pirk Dramblį event. The aim of this arrangement was for the party to influence officials from the Ministry of the Interior so that they would act in the favour of certain interested businesses during public procurement procedures.

Unvaccinated children will be barred from kindergarten

After the Seimas failed to adopt legislation authorizing mandatory vaccinations, an order made by former Minister of Health Vytenis Andriukaitis instructing not to accept unvaccinated children to kindergarten establishments has taken effect on January 1, 2016. Minister of Health Rimantė Šalaševičiūtė says that the order will only apply to newly accepted children.

Lithuanian export downturn predicted

In the upcoming months, Lithuania’s producers and exporters predict a decrease in Lithuanian industrial exports. According to a poll distributed to the heads of industrial companies by Statistics Lithuania, 14 percent of businesses predict a decrease while 17 percent predict an increase (a month ago, these percentages were 12 and 31 percent, respectively). The Lithuanian export economy suffered throughout 2015 due to Russian embargoes and that country’s economic downturn, so many exporters have struggled to reorient their businesses towards other markets, like Scandinavia and the Eurozone. 22 percent of those surveyed said they expected to increase production over the coming months, while 19 percent expected to decrease production.

Global recognition for Kaunas orchestra’s recording of Verdi opera

A studio album of Giuseppe Verdi’s Simon Boccanegra opera that was recorded by the Kaunas City Symphony Orchestra received international recognition when it was named the Editor’s Choice opera album by the influential Opera News magazine in New York, the Kaunas City Municipality reports. The two-disk album also features the Kaunas State Choir and Kostas Smoriginas, among other national and international artists.

New motorized infantry brigade will be formed

Starting from January 1, 2016, a new motorized infantry brigade named Žemaitija will be formed in Western Lithuania. The announcement of the formation of the new brigade comes on the heels of a number of new military materiel acquisitions made by Lithuanian government in response to geopolitical tensions and the situation in Ukraine. These have included U.S-made Javelin anti-tank missiles and German-made Boxer armored combat vehicles.

Labour party will not ask Seimas chairwoman to step down

With less than a year left until the Seimas (parliament) elections, the Labour Party is not planning to ask Loreta Graužinienė to leave the Seimas speaker‘s position. However, not only the opposition, but some MPs from the ruling coalition are dissatisfied with the politician. When leaving at the end of December the Labour Party, Viktoras Uspaskichas, the party’s founder and honorary chairman hinted that the party should consider delegating another member of the Labour party to the parliament speaker‘s position. The Labour Party’s new leader, Valentinas Mazuronis, is convinced that there is no need to change anything so far.

New prosecutor general promises changes to office

In the first press conference organized by the new Prosecutor General Evaldas Pašilis since he was sworn in two days ago, he promised changes in the Prosecutor’s Office. The prosecutor general said that the institution should be more transparent and that the rights and freedoms of simple ordinary people would be respected. Similarly, according to him, prosecutors should feel safe, dignified, and should be able to do their daily work.

Lithuanian innovators and leaders honoured by President

Lithuanian President Dalia Grybauskaitė has hosted a ceremony honouring the Global Lithuanian Awards. The annual awards are presented to individuals who, in one way or another, have contributed to Lithuania’s welfare domestically or abroad. The President and Foreign Minister Linas Linkevičius praised the initiative and made it a point that a country is more than its geographical and demographic size. Most of the nominees had been studying, working or living abroad, spreading a very positive image of the country through their actions.

Lithuanian GDP growth may outpace Estonia’s in 2016

Lithuanian economic growth in 2015 was the slowest among the Baltic countries, but analysts at Danske Bank predict that the country’s gross domestic product growth next year will be faster than in Estonia and, in 2017, will bypass Latvia as well. According to Rokas Grajauskas, Danske Bank’s Baltic analyst, the Baltic countries are still feeling the influence of the Russian embargo and the overall economic slowdown in Russia. This year, Lithuania’s economy grew the slowest because, among all of the Baltic countries, it was the most economically dependent on Russia. The situation should improve next year, however.

Lithuanian energy experts blast plans to shutter thermal power plants

Nearly 60 respeced Lithuanian power engineers, scientists, former energy and economy ministers and heads of business associations encouraged the government to take decisive actions in order to save thermal power plants as reserve electric power sources. The government adopted a resolution on October 7 that will effectively leave the thermal power plants unused.

Ref: 020/111.111.111.3050


Leave a reply

Citadele Index: businessmen are more optimistic about economic growth

After a four-year gap, optimism has been noticed in all of Latvia’s business sectors. For the third consecutive quarter Citadele Index value exceeds 50 points. Businessmen are also positive about the country’s economy and their own finances, according to the final Citadele Index study for 2017.

Bank of Latvia increases GDP growth outlook to 4.7% for 2017

Bank of Latvia has decided in increase gross domestic product growth outlook from 4.2% to 4.7% for 2017, as reported by the bank’s governor Ilmārs Rimšēvičs.

Latvian residents’ opinion of government’s work remains negative

Latvian residents voiced the biggest degree of dissatisfaction about the development of the situation in Latvia and the work performed by the government. Although the previous evaluation of government’s work had increased by four points, it has since declined by two points, according to data from Baltic International Bank’s Latvian Barometer.

Eel fishing to be restricted in Baltic Sea for three months

European Union Fisheries Council has decided to restrict eel fishing for three months in 2018 in all waters, including the Baltic Sea. Although the World Wide Fund for Nature and environmental organization in Europe view it as a notable first step, these efforts are unlikely to have a major impact on the most important problem – eel population continues declining rapidly, as noted by WWF.

LCCI: increase of electricity bills for thousands of companies in unacceptable

Latvian Chamber of Commerce and Industry (LCCI) categorically opposes increasing electricity bills for the majority of small and medium-sized companies due to mandatory procurement component’s differentiation. The organization believes that this would basically introduce a new additional tax, making them even less competitive.

Head of Latvian Association of Regions to spend Christmas thinking on remaining in the party

Dissatisfied with multiple decisions made by Latvian Association of Regions (LAR), Riga City Council member Mārtiņš Bondars will spend the holiday thinking about his place in this political party, as he mentioned in his interview to Rīta panorama or LTV.

Estonian fund permitted to purchase several Latvia energy production companies

Latvian Competition Council has permitted Estonian fund to purchase several energy production and agricultural companies.

Meat processing giant sees room for growth in ready-to-eat foods

Consumption in the meat market segment of ready-to-eat foods is growing quickly, evaluated Finnish meat processing group HKScan that is planning to invest eight million euros in its factory in Estonia.

To fight for national minority schools, Russian representatives promise to hold a referendum

Defenders of Russian schools in Latvia promise to organize a referendum for autonomy of national minority schools, said co-chairman of Latvian Russians Association Miroslavs Mitrofanovs in regards to the transition to education only in Latvian language.

Tax payment process from capital growth to change in Latvia

As part of the tax reform, changes will be added to the Personal Income Tax Law starting from 1 January 2018. One of the changes is associated with payment and declaration of income from capital growth. The tax rate and the term for submission of declarations on income from capital growth will change next year.

Tusk deems EU migrant quotas ineffective as some states oppose taking in migrants

Donald Tusk, the head of the Council of the European Union and chairman of this week's EU summit, has evaluated that mandatory EU-wide quotas are ineffective and that there is a split between east and west as regards asylum policy.

Riga City Council’s 2018 budget – poorly planned or well-developed?

As the vote for the 2018 budget of Riga City Council draws near, representatives of all opposition parties say they will not support it as long as politicians of the ruling coalition continue viewing the city’s most important financial document as good and aimed at development.

Euro area economy has grown quicker than expected, European Central Bank estimated

Growth has been at a faster pace in the eurozone prompting the European Central Bank to raise its economic growth forecasts.

Weekends in Latvia expected to be snowy

A layer of snow will form in Latvia’s central and western regions that will remain until the middle of next week, as reported by State Environment, Geology and Meteorology Centre.

Opinion: Latvia at risk of restricting healthcare to 300,000 people

Kustība Par! political party has sent a letter to Latvia’s President Raimonds Vējonis, asking him to return to the Saeima the recently approved law on healthcare funding legislative draft. According to the party, the law restricts healthcare for 300,000 people in Latvia.

Lithuania’s 2018 budget focuses on spending cuts, NATO commitment and social security

Lithuania's 2018 budget, approved this week by the Seimas, Lithuanian Parliament, makes history for being the first budget ever with fewer spending for the governmental sector, the commitment to NATO of earmarking 2 per cent of the gross domestic product to defence and bigger allotments for social security. The budget was adopted by 84 MPs, 29 voted against, with 15 abstentions.

EU member states have to strengthen measures against sexual abuse of children

Member states of the European Union have to take more serious measures and cooperate more intensely with Europol and information technology industry to better combat sexual abuse of children, as noted by members of the European Parliament.

Latvian parliament views initiative for changing VAT rate for food product

On Thursday, 14 December, Latvia’s Saeima made its decision on the collective application that proposes reducing VAT on everyday healthy food products and increasing VAT on unhealthy products.

Maxima: residents have become more conservative in their choice of products

In Q2 and Q3, a higher degree of conservatism was noticed in residents’ choice of products. The number of buyers who gladly purchase new products has declined, whereas the number of buyers who do not change anything in their purchasing habits has increased, according to results of a study performed by Maxima.

Civil processes to be sped up and simplified in Latvia

On Thursday, 14 December, Saeima supported amendments to the Civil Process Law in the final reading. Amendments propose several major changes to the process of review of civil processes to make court sessions quicker and more efficient.

State Auditor dissatisfied with parliament’s slow legislative process

Latvian State Auditor Elita Krūmiņa plans to inquire to the Saeima about the delay with the approval of the legislative draft on the expansion of authority of her institution, as she mentioned in an interview to Rīta panorama programme of LTV.

Aldaris commences exports to France, China and Netherlands

Aldaris concludes 2017 with three new export contracts, commencing exports of products to China, France and Netherlands. Until now Aldaris has exported products to eight markets, with the largest one being United Kingdom, taking up 78.71% from Aldaris export volume, as reported by the company.

Estonian budget passed with 0.25 billion-euro deficit

The Estonian Riigikogu with 55 votes against 41 has passed the country’s 2018 state budget bill planning to spend by 0.25 billion more than it is planned to earn.

AFSAL: loan requests in non-banking industry are declined in 69% of all cases

In the first six months of 2017 Alternative Financial Services Association of Latvia (AFSAL) issued a total amount of EUR 84.7 million in consumer loans. No increase is noted in this amount when compared with the same period of 2016. Increase did not exceed 0.2%, as reported by the association.

European Parliament supports changes for combating activities detailed in Panama Papers

Public registries with names of true owners of businesses, effective protection of whistle-blowers and stricter requirements for financial intermediaries are some of the proposals intended to assist with the fight against tax avoidance, as noted by members of the European Parliament.

When do you go shoping for Christmas gifts?

View Results

Loading ... Loading ...

Polls Archive



Category feed: Feed: