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2019.10.22 13:00

Bank asset tax stalls in Lithuanian parliament

Sniegė Balčiūnaitė, BNS2019.10.22 13:00

The Lithuanian parliament decided on Tuesday not to debate, at least not for now, a proposal to tax assets of banks and money lenders over 300 million euros.

The Seimas took into account the opinion of its Legal Department, advising that the initiative may run counter to the Constitution.

“The provisions of the draft amendment are debatable in several aspects, including their compliance with the constitutional principle of equal rights of persons and the jurisprudence of the Constitutional Court,” the parliament's lawyers say in their opinion.

The 2020 state budget bill projects around 52 million euros in revenue from the proposed tax.

Critics of the new tax say it will affect the final prices of banking services and products.