International Internet Magazine. Baltic States news & analytics
Thursday, 23.05.2013, 15:22
Krigers: shadow economy in Latvia is useful for the Cabinet, local governments and residents
23.05.2013Residents actively using cash pay-in ATMs is proof that the share of the shadow economy has not lessened and the amount of gray money remains considerable in Latvia, Latvian Free Trade Unions' Association Chairman Peteris Krigers points out in an interview with the newspaper Diena, reports LETA.
Keyword tags: Analytics, Financial Services, Latvia, Legislation, Shadow economy, Taxation
Estonia can demand “sugar” payment of court expenses and interests from Europe
23.05.2013Estonia has regained from the European Commission the fine that it paid for excess inventories but hasn’t demanded yet from the Commission payment of interests and court expenses, since the dispute over the so-called sugar fine continues, LETA/Õhtuleht writes.
Lithuania's Invalda elects new president
23.05.2013Darius Sulnis was elected to the position of the president of the public joint – stock company INVALDA from May 23, 2013. Darius Sulnis is replacing Dalius Kaziunas, former president of the Company. INVALDA, AB was led by Dalius Kaziunas since January 1, 2012, informs LETA/ELTA.
EU sets end-2013 deadline for automatic bank data sharing
23.05.2013European Union leaders agreed on Wednesday that the automatic sharing of individuals' bank account data, a key measure to prevent tax evasion, should become law across all member states by the end of the year 2013, European Union President Herman Van Rompuy said, reports LETA/AFP.
Dreimane: state administration culture and values must change profoundly in Latvia
23.05.2013The information about state administration institutions' reckless spending on various purchases and the organization of office parties and other entertainment events by state institutions last year shows lack of respect for taxpayers, believes State Chancellery's Director Elita Dreimane.
Tax evasion will be more difficult in EU
President Dalia Grybauskaitė is attending a European Council meeting in Brussels, which has discussed EU tax policies. The European Union is taking measures at international level to fight tax evasion and fraud, aiming to enhance the financial stability in the EU member states, reports BC presidential press service.
SEB: Baltic States have been EU's fastest-growing economies for 3 years
The three Baltic countries have been the fastest-growing economies in the EU for three years, Sweden's SEB points out in its "Nordic Outlook", reports LETA/Nozare.lv.
Energy and tax evasion: issues for the EU “summit”
At the European Parliament plenary session (Brussels, 21 May 2013) José Manuel Barroso, Commission President underlined two important issues for discussion: first, energy, which makes a great impetus into the European business’ competitiveness, and second, tax fraud and tax evasion, the issue which needs sharpening common European tools against tax avoiders. Both issues are important for the Baltic States, as well.
Total cost of National Library project will reach LVL 187 mln
The total cost of the ''Palace of Light'' National Library project will reach LVL 187 million (including VAT), informs LETA.
Lipmans: if Liepajas metalurgs continues under current management, Latvia will face crisis
If the government does not bring about the replacement of Liepajas metalurgs’s board and Prudentia Advisers, and the company's creditors continue to hold on to their "rosy and unjustified vision" of the company's takeover, Latvia will face not only Liepajas metalurgs’s insolvency, but also a nationwide social crisis, points out one of the company's shareholders, Kirovs Lipmans, writes LETA/Nozare.lv.
Lithuania spent EUR 4.1 bln on public procurement in 2012
According to the data of Public Procurement Office (VPT), in 2012 Lithuania spent LTL 14.5 billion (EUR 4.1 billion) on public procurement, informs LETA/ELTA.
Bicevskis: purchase of Latvijas Biznesa Banka indicates appreciation of banking sector's professionalism
The purchase of Latvijas Biznesa Banka (Latvian Business Bank, LBB) indicates that the Latvian financial sector, banking experience, employee professionalism are still trusted and highly appreciated, believes Association of Commercial Banks of Latvia President Martins Bicevskis, informs LETA/Nozare.lv.
Estonian budget collects 31% annual revenue in 4 months
According to the Ministry of Finance, the Estonian state budget collected revenue of 2.25 billion euros in the first four months of the year 2013, which is 30.1% of the total amount planned in the 2012 budget, informs LETA.
Vinkele: Liepajas metalurgs collapse may put pension indexing plans on hold
Even though pensioners are strongly demanding that indexing of pensions resume, and these demands are also supported by politicians, the collapse of the joint-stock metallurgical company Liepajas metalurgs may put these plans on hold, Welfare Minister Ilze Vinkele (Unity) said in an interview with Latvian State Radio this morning., informs LETA.
Russian financier buys Latvijas Biznesa Banka
Russian Financier Andrey Vdovin, one of the co-owners of the VMHY Group, has purchased 100% of Latvijas Biznesa Banka (Latvian Business Bank) shares, informs LETA/Nozare.lv.
EU’s assessment of Latvian economic activity 
