The Lithuanian parliament on May 17 voted to raise the non-taxable income threshold by 80 euros to 540 euros as of July. This means an increase in income for the lowest earners whose annual income does not exceed the national average. The amendments to the Law on Personal Income Tax were passed with 93 votes…
President Volodymyr Zelensky of Ukraine says introducing an embargo on Russian oil is in the interests of both Ukraine and the whole of Europe. That’s according to the president’s latest video address, issued overnight on May 17. “We are also working to ensure that the European Union agrees on a sixth package of sanctions on…
The Ministry of Finance of Ukraine signed a Loan Agreement with Japan International Cooperation Agency for $100 million. “On May 16, Minister of Finance of Ukraine Sergii Marchenko and President of Japan International Cooperation Agency (JICA) Dr. Akihiko Tanaka signed a $100-million loan agreement for Ukraine,” the ministry press service said. “The concessional loan of…
Poland’s GDP will increase by 3.7% this year and by 3% in 2023, the European Commission (EC) said in its spring forecast on May 16. The country’s HICP inflation will reach 11.6% on average this year and by 7.3% in 2023, according to the EC. The war in Ukraine will have a significant impact on…
Georgian Prime Minister Irakli Garibashvili and members of the Government’s Economic Council met on May 14 to review steps and measures to be made towards ensuring growth in the country. Garibashvili said Georgia was experiencing a “double-digit” growth and while the tourism sector had recovered by almost 70% compared to the pre-pandemic year of 2019,…
No consent of the Russian Federation is required to make them pay reparations to Ukraine. It is possible to reimburse Ukrainian losses after the war at the expense of seized Russian assets. This was announced by the Chairman of the Verkhovna Rada, Ruslan Stefanchuk. He said that the government was currently doing a lot of…
SEB has revised its forecast for Lithuania’s GDP growth in 2022 up to 0.9% from 0.1% in late March, and has raised its projection for 2023 to 1.8%. SEB Lithuania’s economist Tadas Povilauskas says that the upward revision reflects expectations of a less sharp economic downturn in the second quarter, as well as a positive…