The banks’ solidarity contribution is already intended for defense protection: so far, few funds have been used

Before the introduction of the tax, it was stated that due to the ECB’s policy and the increase in base interest rates, bank profits would be reduced in 2023. can reach one billion euros , they should therefore devote part of the profits to financing the defense of our country.

Although there was discussion at the time that this would affect the arrival of potential new banks in Lithuania and the President was asked to veto the law, the law ultimately was adopted and banks were added to the country’s budget in early September for the II year. Thursday transferred just over 50 million EUR.

The second contribution, for the third quarter, will also soon be paid to the country’s budget. According to calculations by the Bank of Lithuania, this amount would exceed 100 million. EUR.

When the Bank of Lithuania was asked to update the information on the amount currently collected through the Defense Solidarity Contribution, it was explained that so far the available information amounted to approximately 56 million euros. previously and planned to receive the 100 million mentioned above. EUR.

“The total amount of this contribution for 2023 can reach around 250 million Eur”, indicates the response received.

Specialists from the Ministry of Finance presented different calculations. According to them, the Ministry of National Defense (KAM) should receive a total of 117 million this year. temporary solidarity contribution fund.

“To date, the Ministry of Finance has paid requests received from the Ministry of Finance for 8.3 million euros, payment is made each time after receipt of the request,” the representatives said.

The Ministry of Finance itself indicated a different amount. It is estimated that KAM currently has around €240 million. EUR 2023-2025 military infrastructure to meet the needs of the host country.

“The funding is intended for infrastructure projects related to the deployment of the NATO brigade in Lithuania, which are developed at the Rūdninkai military training ground, said General. S. Žukauskas at the training ground central,” they said.

As has been specified, the Ministry of Finance mentions a little more than 8 million. The payment in euros already made was intended for road development work on the polygon.

“The largest payments are usually made at the end of the year,” KAM explained.

The editorial staff recalls that the temporary law on the solidarity contribution, approved by the Seimas by a large majority at the beginning of May, decided to temporarily set 60%. temporary solidarity contribution rate for part of net interest income, which is greater than 50%. higher than the average of the four exercises.

The temporary solidarity contribution will be paid for 2023 and 2024, separating exceptional income from normal income.

As announced, based on preliminary calculations made during the preparation of the bill, for the entire period of validity of the contribution from 2023. May 16 until 2024 at the end of the year, the contribution of solidarity could amount to around 410 million euros.

Previously, it was estimated that, according to the likely scenario, in 2023 about 130 million would be collected in the state budget. EUR, in 2024 – about 230 million. euros, and in 2025 – about 50 million. solidarity contribution of EUR.

The need for a temporary solidarity contribution arose due to the temporary potential for a significant increase in bank profits, which was largely driven by and in response to the economic and geopolitical factors of the last two years. The law applies only to the unscheduled part of interest income of credit institutions, which is not related to business decisions.

Source: The Delfi

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