FiscalPolicy

Latvia’s base budget expenditure for 2026 is projected at EUR 12.966 billion following a EUR 171 million spending cut

The base expenditure in Latvia’s basic government budget is projected at EUR 12.966 billion for 2026 and EUR 12.758 billion for 2027, according to the Finance Ministry’s report to the [..]

Several excise taxes to increase from May 1

Starting May 1, excise duties on electricity, diesel fuel, natural gas, liquefied gas, light fuel oil, heavy fuel oil, and shale fuel oil will all rise. The new month brings [..]

Mihhail Kõlvart: There will be no tax stability

Cutting back on social and family benefits today entails much steeper spending to address the effects of deepening poverty in the future. It is a systemic problem preventing which would [..]

Estonian government approves 2025 budget bill

At an extraordinary meeting on Wednesday, the Estonian Cabinet of Ministers approved a draft 2025 national budget act. Total budget revenues in 2025 are estimated at EUR 17.7 billion, or [..]

Tax reform will respond to economic development challenges – Silina

The tax reform proposed by the government will most likely respond to the challenges of the economic development, Prime Minister Evika Silina (New Unity) said in an interview with the [..]

Pensioners: Pension hikes not the reason for poor shape of Estonia’s public finances

The Estonian Union of Pensioners Associations is disturbed by allegations in the media that it is not the economic downturn but rather the increase in pensions to partially compensate for [..]

Tax debts in Latvia at EUR 833.058 million in early June

At the beginning of June 2024, tax debts in Latvia totaled EUR 833.058 million, which is 1.1 percent less from May and 3.4 percent less than the beginning of the [..]

United List urges residents to support proposal for reduced VAT rate on restaurants

Saeima opposition party United List is calling on residents to support an initiative to reduce value added tax rate for restaurants to 12 percent. “Latvian restaurants have been meeting with [..]

Estonian govt approves bill seeking to increase land tax

The Estonian government has approved and sent to the parliament a bill seeking to amend the Land Tax Act and increase local governments’ decision-making power in setting land tax rates. [..]

OECD recommends Latvia to improve fiscal policy, tax system and public sector capacity

Latvia needs to improve fiscal policy, reform the tax system, improve public sector capacity and attract investment to boost growth, the Organization for Economic Co-operation and Development (OECD) has concluded [..]

Estonian ministry: Annual inflation is on a downward trend

Kristjan Pungas, analyst at the fiscal policy department of the Estonian Ministry of Finance, said in his commentary on latest inflation data on Friday that a slowdown in inflation continued [..]

Implementation of lemonade tax to cost state EUR 5 mln

The introduction of the planned lemonade tax will cost the state five million euros, which is the cost of IT solutions and tax collection, the Estonian daily Postimees writes. The [..]

Four in 10 Lithuanians would back defense tax from 2025 – Baltijos Tyrimai/LRT poll

Four out of ten people in Lithuania would support a new defense tax from 2025, according to a Baltijos Tyrimai survey published by the public broadcaster LRT on Monday. Just [..]

Lithuanian econmin sees no way to get back discussion of real estate tax

Lithuanian Economy and Innovation Minister Ausrine Armonaite see no way for the incumbent ruling coalition to get back to the discussion on a new model of a universal real estate [..]

Lithuanian parliament adopted the 2024 state budget – planned revenue 16.98 billion and expenditure 20.6 billion

The Lithuanian parliament on Tuesday adopted the 2024 state budget after more than three hours of deliberations as 73 MPs voted in favor, 52 voted against it and one lawmaker [..]

Lithuania’s Commercial Banks solidarity levy in 2023 could be around 250 million euros – part of a money will be used for military mobility

Lithuania’s commercial banks will soon transfer the second installment of the new solidarity levy for the third quarter of this year, with the central Bank of Lithuania estimating it to [..]

EUR 16 million needed to apply 12% VAT on fresh fruit and vegetables

In order to apply the reduced 12 percent value added tax (VAT) rate on fresh fruit and vegetables next year, the government needs to provide EUR 16 million in the [..]

Latvia’s 2024 draft budget delivered to Saeima

Saeima Speaker Daiga Mierina (Greens/Farmers) received Latvia’s 2024 draft budget from Finance Minister Arvils Aseradens (New Unity) on Friday. The traditional presentation of the budget portfolio was also attended by [..]

Lithuania mulls raising corporate income tax for additional defense funding – advisor

Lithuania needs to consider various options, including an increase in corporate income tax, as the country is looking for long-term sources of defense funding, presidential advisor Irena Segaloviciene says. All [..]

Tax debts in Latvia up to EUR 856.5 million in early October

At the beginning of October 2023, tax debts in Latvia totaled EUR 856.471 million, which is 0.5 percent more from September, but a 2.3 percent decrease from the beginning of [..]

Lithuanian govt to consider 2024 budget bill

The Lithuanian government will consider the country’s 2024 budget bill on Thursday. In her interview with BNS on Wednesday, Prime Minister Ingrida Simonyte said the government deficit would rise to [..]

Economic forecasts anticipating 2 pct GDP decline for Estonia this year

Estonia’s major economic forecasts for this year predict a gross domestic product (GDP) decline of around 2 percent. According to the most recent economic forecast by the Bank of Estonia, [..]

Governor of Eesti Pank: the economy is going to recover slowly

Governor Madis Müller says a quick recovery in Estonian economy is not to be expected, as purchasing power is improving at a slow pace in both domestic and foreign markets. [..]

USA economist: The Economics of Public Investment Crowding in Private Investment

Heather Boushey, Chief Economist, Investing in America Cabinet Introduction President Biden’s economic vision—Bidenomics—is centered around making smart public investments, empowering and educating workers, and promoting fair competition to lower costs [..]

Estonian govt approves 2024 state budget

The Estonian government has approved the 2024 state budget and the state budget strategy for the next four years with next year’s revenues amounting to 16.8 billion euros and expenditures [..]