Lithuania's government is leaning towards "burying" the planned banking asset tax and is proposing introducing an additional 7 percent corporate tax for banks, brining the total corporate tax for them to 22 percent.
Banking assets EN
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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.
A proposed tax on banking assets is estimated to bring in 40 million euros in extra annual budget revenue, well below the publicly discussed amount of 100 million euros, the Lithuanian Farmers and Greens Union's leader Ramunas Karbauskis said on Wednesday.
A proposed tax on banking assets would make loans for households and businesses more expensive, the Lithuanian Banks' Association (LBA) warned on Tuesday.
Lithuania's ruling coalition is ready to support a move to tax banking assets, Ramunas Karbauskis, the leader of the Farmers and Greens Union, the biggest party in the parliament, has said.
