According to its estimations, the authorities could have collected around 4.6 million litas (EUR 1.33m) in this tax from stock and bond traders based on last year’s stock market and over-the-counter turnover. The receipts could reach around 4.1 million litas based on the turnover projected for this year, the Verslo Žinios business daily reports.
“With the financial transaction tax introduced, the parties will seek to implement larger transactions through the companies registered outside the European Union (EU) jurisdiction. Moreover, share turnovers, which have already declined both on the stock market and in over-the-counter trade, would decline further as a result of this levy,” Arminta Saladžienė, president and chairwoman of NASDAQ OMX Vilnius Stock Exchange, said at a meeting with reporters.
The tax could not be seen as small under current proposal, she said adding that the planned charge exceeded the commission rate levied on stock exchange transactions (0.045 pct) 2.2 times. Moreover, the tax would be levied on both parties to the transaction.
