International Internet Magazine. Baltic States news & analytics
Tuesday, 03.03.2015, 18:34
Underground economy is contracting, it shrunk by 0.9% in 2014, said Lithuania’s Prime Minister Algirdas Butkevicius after the meeting with representatives of responsible institutions, informs LETA/ELTA.
Keyword tags: Analytics, Financial Services, Legislation, Lithuania, Shadow economy, Taxation
The European Union and national legislation obliges to establish liability for corruption in the private sector. Meanwhile, Lithuania lacks a definition of what is corruption in the private sector, says Dr Petras Ragauskas, chief research staff member of the Institute of Law, cites LETA/ELTA.
The Finance Ministry in Latvia is planning to use additional funding of EUR 7.228 million in 2015, EUR 6.6 million of which will be used to combat shadow economy, informs LETA.
Polls have showed that Lithuanian society's intolerance to corruption has been growing. Justice Minister Juozas Bernatonis says that Lithuanians' attitude towards corruption has fundamentally changed in 20 years of independence, as well as the conditions under which they work, informs LETA/ELTA.
Denmark, New Zealand, and Finland are the world's least corrupted countries, while Sudan, North Korea, and Somalia are the most corrupt ones, corruption watchdog "Transparency International" said Wednesday in its annual report, cites LETA/DPA.
Interim Head of the State Tax Inspectorate (VMI) Dainoras Bradauskas has informed that LTL 446 million (EUR 129 million) were collected to the budget from the underground economy, informs LETA/ELTA.
Currently, the shadow economy in Latvia is at approximately 24.7% of gross domestic product (GDP), according to calculations by Dr. Friedrich Schneider from the Johannes Kepler University of Linz, reports LETA.