News2019.08.21 12:52

Lithuania to pay extra €114m into EU budget

Lithuania will have to pay an additional €114 million into the European Union's budget this year.

The Cabinet is expected to allocate the money from the state's borrowed funds to the Finance Ministry on Wednesday.

Lithuania's contribution to the EU budget was projected at €385 million this year, but the amount grew to €481.5 million after the European Commission submitted the bloc's revised budget for 2019, according to the ministry.

The increase was mostly due to a revision of the value added tax (VAT) and gross national product (GNP) balances.

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