International Internet Magazine. Baltic States news & analytics
Thursday, 05.12.2013, 02:55
Lithuanian economists: cash payment restrictions will reduce people's choice instead of shadow economy04.12.2013
Lithuanian Free Market Institute (LLRI) says that cash payment restriction is ineffective measure fighting against the shadow economy. According to the LLRI, this restriction would reduce choice and competitiveness among means of payment, it would also increase expenses of residents and legal businesses for payment, informs LETA/ELTA.
Keyword tags: Analytics, Financial Services, Legislation, Lithuania, Markets and Companies, Shadow economy
Afghanistan, North Korea and Somalia are seen as the world's most corrupt countries while Denmark and New Zealand are nearly squeaky-clean, graft watchdog Transparency International said in a survey Tuesday, informs LETA/AFP.
LVL 1.985 mln to be allotted for motivating authorities working on measures to reduce shadow economy19.11.2013
Today the government approved allotting LVL 1.985 million for motivating the authorities and officials enforcing measures to reduce the shadow economy in Latvia, informs LETA.
Lithuania's Prime Minister Algirdas Butkevicius and Lithuania's Minister of Finance Rimantas Sadzius said that the restrictions on the cash settlements were to help to fight against the shadow economy, informs LETA/ELTA.
During the meeting on Thursday, Lithuania's Minister of Finance Rimantas Sadzius and European Commissioner for Taxation and Customs Union, Audit and Anti-Fraud Algirdas Semeta discussed the measures which were to prevent from the frauds and the tax evasions. According to them, all Europe was suffering from them, informs LETA/ELTA.
According to Lithuania's Minister of Finance Rimantas Sadzius, Lithuania's citizens were too tolerant to the shadow economy in the country; as a result, the informational campaigns were a significant mean to fight against the illegal trade, informs LETA/ELTA.
Lithuanian traders do not understand the logic behind the Government's proposal to limit payments in cash to LTL 10,000 (EUR 2,900), informs LETA/ELTA.