Banks, Financial Services, Legislation, Lithuania, Taxation

International Internet Magazine. Baltic States news & analytics Thursday, 25.04.2024, 19:43

Banks increase service fees almost every month in Lithuania

Danuta Pavilenene, BC, Vilnius, 26.08.2014.Print version
For the state it takes years to recover taxes from commercial banks, while they increase service fees almost every month in Lithuania. Banks are assisted by influential intercessors in their disputes with the state, informs LETA/ELTA, referring to Lietuvos rytas.

Two Scandinavian banking giants operating in Lithuania, SEB and Swedbank, in 2012 paid a total of mere LTL 3,000 (EUR 869) in corporate income tax. This caused an outrage and the State Tax Inspectorate (VMI) launched and inquiry into money flows between Scandinavian banks and their subsidiaries in Lithuania.

 

In 2012, SEB bank earned LTL 87.6 million (EUR 25.4 million) in Lithuania, whereas in 2013 its profit reached LTL 212.3 million (EUR 61.5 million). Based on VMI calculations SEB bank had to pay LTL 26 million (EUR 7.5 million) in corporate income tax.

 

However, the bank objected and appealed against the decision. According to unofficial information, VMI which pressured the bank to pay taxes has already been criticised by a member of the Commission on Tax Disputes under the Government Rasa Stravinskaite. She, by the by, is the wife of Vitas Vasiliauskas, Head of the Bank of Lithuania.





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