EU – Baltic States, Financial Services, Legislation, Lithuania, Taxation

International Internet Magazine. Baltic States news & analytics Monday, 24.11.2014, 08:41

Financial transaction tax in Lithuania only after assessment of the benefits and risks

Danuta Pavilenene, BC, Vilnius, 24.01.2013.Print version
Lithuania welcomed the decision of the Council of the European Union authorising enhanced cooperation in the area of financial transaction tax, however it does not intent to participate in this procedure. Such a position has been expressed at the ECOFIN meeting in Brussels by Minister of Finance Rimantas Sadzius, reports BC the Ministry of Finance.

“Though currently we do not joint the enhanced cooperation  on the issue of financial transaction tax, we do not rule out the possibility that in the future, after assessment of the benefits of such a tax and possible risks, Lithuania may decide to participate in this initiative and to introduce it”, – emphasized R.Šadžius.

 

One of the most important results of this ECOFIN meeting – the reached agreement allowing to move forward in introducing the financial transaction introduction tax. Despite concerns expressed by the representatives of some countries, the ministers of finance welcomed the proposed decision by the Council authorising to launch enhanced cooperation in establishing a common system of this type of tax.

 

In October 2012 eleven EU Member States (Austria, Belgium, Portugal, Slovenia, Greece, Italy, Spain, Slovakia, Germany, France, Estonia)have addressed formal requests to the Commission concerning the enhanced cooperation procedure. After Council decision the Commission plans to table the revised proposal for a Council Directive on a common system of financial transaction tax.

 

During the ECOFIN meeting the discussions were held also about the EC Action Plan to strengthen fight against tax fraud and tax evasion, the opinions on the Work Programme and priorities of Ireland holding the Presidency of the Council of the European Union, 2013 Annual Growth Survey were exchanged. The EU ministers of finance also discussed the results of the European Council held on 13-14 December 2012, where the strengthening of the Economic and Monetary Union as well as the Common Euro-Zone Banking Supervision Mechanism were discussed.

 

The meetings with Economic and Monetary Affairs Commissioner Olli Rehn, Commissioner for Internal Market Michel Barnier, Commissioner for Regional Policy J Johannes Hahn, Commissioner for tax issues Algirdas Šemeta were also on the agenda of the Minister of Finance of the Republic of Lithuania within the context of the ECOFIN Council, where the issues related to the Lithuanian Presidency of the EU were discussed.






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