The bill passed the adoption stage with 110 votes in favour, 10 abstentions and 1 vote against.
Chairman of the Seimas Committee on Budget and Finance Mindaugas Lingė stressed that the measure is needed due to continuing exceptional circumstances. He highlighted the importance of the banking sector contributing to Lithuania’s defence.
Extension of the temporary tax on extra bank profits was criticised by the Lithuanian Banking Association (LBA) and Lithuania’s Free Market Institute (LLRI), stating that the tax caused a „dangerous precedent“ and would prevent new foreign banks from entering the Lithuanian market.
President Gitanas Nausėda supports the bank solidarity contribution.
The measure is part of the planned State Defence Fund, aimed at securing 3% of GDP defence funding. Other proposals include a raise of the corporate income tax by 1 percentage point, a raise of excise duties and an introduction of a security fee on some insurance contracts.
