NOISES | Banks avoid mentioning Euribor when talking about mega profits

FYI: Due to the madina going on in the Middle East Euribor has risen sharply in the last month and it is predicted to remain at a higher level at least until the end of the year. Banks, of course, earn a nice higher than expected interest income from this.

Latvia, Lithuania, Spain, the Czech Republic, Poland and several other European countries imposed an additional tax on banks’ unusually large profits last time when the Euribor began to rise rapidly. Previously we did not do this (except for a small increase in the advance income tax of credit institutions – this tax is only 18% in Estonia, while In Poland, banks pay 30% income tax), now there is another way to get a little more money by taxing the banks.

According to rumors, the state budget is in a big deficit, so additional money would be needed. Or are the banks still sacred cows and we will raise the VAT again to patch up the budget deficit?