Lithuanian presidency proposes raising budget revenue without new taxes
Translated from Lithuanian and summarized by DistantNews. Read the original for the full story.
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Official statement
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- Lithuania’s presidency says it does not plan to introduce new taxes and proposes other ways to increase budget revenue.
- Measures include reducing the shadow economy, encouraging economic growth and penalizing dishonest businesses.
- The president also proposes paying interest on people’s bank deposits and using the funds through the state development bank ILTE.
Lithuania’s presidency says budget revenue can rise without introducing new taxes. One proposed route is to reduce the shadow economy, meaning activity hidden from authorities so that taxes are not paid.
A presidential adviser says businesses should operate honestly and that dishonest companies should face penalties. The president supports measures proposed by the finance minister to reduce the shadow economy.
Another proposal is to encourage economic growth, which would bring more money into the state budget. The president has also suggested paying interest on money held in people’s bank accounts and using those funds through ILTE, the state development bank that finances economic projects.
About this summary
Originally published by Delfi in Lithuanian. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.
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