International Internet Magazine. Baltic States news & analytics
Sunday, 26.10.2014, 03:15
An estimated EUR 177 billion in value added tax (VAT) revenue was lost in the European Union due to non-compliance or non-collection in 2012, according to the latest VAT Gap study published by the European Commission. This equates to 16% of total expected VAT revenue of 26 member states, reports LETA.
Keyword tags: Analytics, EU – Baltic States, Financial Services, Taxation
Today in Paris the Arbitration Tribunal has ordered that the Government of the Kyrgyz Republic has to pay Mr Valeri Belokon USD16.5 million. The award has come into force, it is final and binding and may not be challenged, reported BC Belokon Holdings.
The European Central Bank (ECB) has set minimum reserves for banks in Lithuania, the Bank said on Friday, cites LETA/ELTA.
The pan-Baltic railway line Rail Baltica's Estonian project manager Miiko Peris said that Estonia intends to submit the first, 191 million euros financing application already in February 2015, LETA/Public Broadcasting reports.
On Thursday 23 October 2014 the ECB’s Euro Exhibition was opened at the National Museum Palace of the Grand Dukes of Lithuania in Vilnius. The exhibition is part of the euro information campaign which is dedicated to the adoption of the euro in Lithuania on 1 January 2015, reported BC bank’s press service.
The Riga City Council will allot additional EUR 10.2 million to Rigas satiksme in order to provide public transport services, the Riga City Council Budget Commission decided yesterday, informs LETA.
The Bank of Estonia stated that banks operating in Estonia earned a total of 80 million euros in net profits in the third quarter of 2014, writes Äripäev.ee/LETA.
In the first nine months of the year, DNB Group in Latvia posted EUR 14.8 million in profit, which is 3.7 times more when compared to the same period last year, cites LETA/Nozare.lv.
SEB Group in Latvia concluded the first three quarters with a net profit in the amount of EUR 23.7 million, SEB banka reports. Over the three quarters of the year 2014 by AB SEB bankas is LTL 216.5 million (EUR 62.7 million) and by AB SEB bankas Group is LTL 219.5 million (EUR 63.6 million) and SEB's Eesti units ended the third quarter of 2014 with a 15.6 million euros profit, writes LETA.
As of the end of September 2014, the Estonian government's stabilisation reserve volume was 368.5 million EUR in market value; the volume of the reserve grew by 9 million EUR in a year, LETA/Public Broadcasting reports.
AB DNB Bankas, part of Norway's largest financial services group, earned a pre-tax profit of LTL 42.3 million (EUR 12.26 million) in the first nine months of 2014, up from LTL 36.4 million (EUR10.55 million) in the same period a year ago due to the further growth of business volumes and higher operating efficiency, the bank said in a report today, cites LETA/ELTA.
According to the Baltic Household Outlook, prepared by SEB and introduced to the public today, 80% of Estonians are satisfied with the adoption of the euro, and this year positivity even exceeds the EU average, writes LETA/Estonian Public Broadcasting.
The Estonian Riigikogu completed on Wednesday the first reading of the 2015 state budget, which has revenues of 8.4 billion and expenditures of 8.5 billion euros planned in it, LETA/Public Broadcasting reports.
Nordea bank in Latvia posted EUR 32.8 million in operational losses in the first nine months of 2014, the bank's spokeswoman Signe Lonerte informed the business portal Nozare.lv, cites LETA.
In September 2014, the portfolio of overdue debts of Lithuanian residents increased by LTL 50 million (EUR 14.5 million) and at the end of the period amounted to LTL 3.62 billion (EUR 1.049 billion), informs LETA/ELTA.