Lithuania’s banks pay €102mn in second windfall tax instalment

By bne IntelliNews December 3, 2023

Eight Lithuanian commercial banks and credit unions have paid €101.6mn, the so-called solidarity tax, a temporary levy on excess profits, the State Tax Inspectorate told BNS, a Lithuanians newswire, BNS and LRT.lt, the website of Lithuanian public broadcaster LRT, reported on December 1.

“Solidarity levy premiums amounting to €101.6mn have already been paid and eight financial institutions have transferred them,” Ruta Asadauskaite, spokeswoman for the tax authority, told BNS. 

Siauliu Bankas said earlier it would transfer more than €2.6mn in the second windfall tax instalment. And Luminor already had transferred €12.5mn at the beginning of the week. The other major banks are yet to announce the amounts they have paid.

Banks in Lithuania had until the end of November 30 to make the second payment.

The Bank of Lithuania estimates that the proceeds from the windfall tax will exceed €100mn for the third quarter of this year, and that the total contribution could reach around €250mn this year, BNS and LRT.lt said.

As reported by bne IntelliNews, the Lithuanian government introduced the tax in response to windfall profits enjoyed by the banks in Lithuania thanks to the interest rate hikes by the European Central Bank.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Citadele Bank profit in Baltics in H1 plummets 21% y/y to €50.9mn

Citadele, a pan-Baltic bank, reported a 21% decrease in net profit for the first half of 2024, totalling €50.9 million compared to €64.5 million in the same period last year, BNS, a Baltic ... more

Latvia’s Citadele bank issued €621mn in new loans for Baltics in H1, mulls IPO

Latvia’s Citadele Bank’s new financing for private, SME, and corporate customers in the region reached €621 million in the first half of 2024. This has contributed to an increase in Citadele's ... more

Germany's Commerzbank has ‘serious’ intentions in Lithuania, to work with corporate clients

Commerzbank, one of Germany's largest banks, has expressed strong interest in Lithuania, according to Lithuanian Economy and Innovation Minister Ausrine Armonaite. After meeting with members of ... more

Follow Us On

Most Read

  1. Possible record heat index of 82.2°C reported in southern Iran
    9 days ago
  2. Tusk says Ukraine won’t join EU without owning up to past atrocities
    5 days ago
  3. VISEGRAD BLOG: Globsec security forum insists Ukraine is still winning the war
    5 days ago
  4. Kamikaze marketing: how the natural diamond industry could have reacted to the lab-grown threat
    4 days ago
  5. Russia revs up to test cross-border crypto payments
    2 days ago
  1. Possible record heat index of 82.2°C reported in southern Iran
    9 days ago
  2. Russia’s new war middle class
    15 days ago
  3. Russia overtakes Japan to become the fourth largest economy in the world in PPP terms
    3 months ago
  4. What is Ukraine’s goal in the Battle for Kursk?
    30 days ago
  5. China, Russia to reintroduce barter trade for the first time in 30 years to avoid US sanctions
    29 days ago

Reports

Dismiss