Hungary will lower VAT rate on internet

(Dennis Skley, CC BY-ND)

Exports in Lithuania and Latvia is declining

Construction boom in Bulgarian Plovdiv province

Iranian oil supertanker arrives in Gdańsk

Hungary

The Viktor Orbán’s government wants to reduce the VAT tax on internet services as of January 2017. The rate will be 18 per cent (now it’s 27 per cent). However, the European Commission opposes it. As Portfolio.hu reports, in July 2016 Pierre Moscovici, EU Commissioner for Economic and Financial Affairs, wrote a letter to Mihály Varga, Economy Minister of Hungary. In the letter Moscovici expressed Brussels’ support for the idea but he also informed this coincides with the EC efforts to create a unified digital market.

Moscovici also added that current EU regulations do not list internet services among the products that may have a preferential VAT rate, though the EC plans to change this directive and create more flexible rules.

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Lithuania, Latvia, Estonia

The data from Eurostat shows the decline of exports in Lithuania and Latvia in the first half of 2016 (compared with the first half 2015). Only Estonia kept the level of exported goods flat y/y. In this period exported goods were worth EUR5.8bn. Lithuanian and Latvian exports shrank. The drop was 2 per cent in Lithuania (to EUR10.7bn) and 3 per cent in Latvia (to EUR5.1bn).  

When it comes to imports, in Lithuania it dropped by 5 per cent (to EUR11.8bn), in Latvia by 5 per cent (to EUR6bn), and in Estonia by 3 per cent (to EUR6.7bn).

Baltic Course writes “among the three Baltic nations, the biggest trade deficit was reported in Lithuania (EUR1.1bn), as compared with EUR1bn in Latvia and EUR0.9bn in Estonia”.

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Bulgaria

Novinite.com reports on the massive construction boom in the Plovdiv Province. The increase in construction in Q2’16 (as compared to the same period of 2015) is 8.8 per cent. When compared to Q1’16 it’s 12 per cent. In the second trimester of 2016 approx. 160 appartment buildings of over 853 separate homes and a total of 100,000 square meters have gotten a stamp of approval.

According to the Territorial Statistical Board, the major portion of new construction is dedicated to individual living spaces in the Rhodopi municipality. In this region alone the construction of 103 appartment and 63 other buildings has been launched.

This has been the second consecutive year that Plovdiv had seen a massive construction boom. In 2015 the majority of construction permits has been issued for administrative buildings.

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Poland

As the Poland’s Lotos Group works on improving the energy security, the company signed two deals to purchase oil: one with a company from Saudi Arabia and the second with the National Iranian Oil Company. The Polish Radio informs the first shippment arrived in Gdańsk. The oil is being unloaded from the Iranian ship Atlantas, one of the largest oil tankers in the world.

The portal informs the tanker is 333 meters long and brought to Poland 2 million barrels of crude oil. The unloading it will last up to 30 hours. “The delivered oil will now be analysed. What happens next depends on the quality of it,” the Polish Radio quotes Lotos’ spokesperson.

During the first three months of 2016, a quarter of crude oil processed in Gdańsk’s refinery came from outside of Russia.

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What’s up in indexes

BUX (of Budapest) dropped by 0.71 per cent – falling from 27868.79 index points Monday, August 15th to 27672.00 index points Tuesday, August 16th. From year-end it’s up 15.68 per cent.

BET (of Bucharest Stock Exchange) increased from 6789.05 index points Friday, August 12th to 6865.23 index points Tuesday, August 16th. So it’s up 1.12 per cent d/d. From year-end it dropped by 1.99 per cent.

PX (of Prague Stock Exchange) dropped by 0.58 per cent – falling from 861.30 index points Monday, August 15th to 856.30 index points Tuesday, August 16th. From year-end it dropped by 10.46 per cent.

WIG20 (of Warsaw) decreased from 1857.70 index points Friday, August 12th to 1846.86 index points Tuesday, August 16th. So it dropped by 0.58 per cent. From year-end it lost 0.66 per cent.

OMXT (of Tallinn) dropped by 0.27 per cent – falling from 1004.43 index points Monday, August 15th to 1001.73 index points Tuesday, August 16th. From year-end it’s up 11.43 per cent.

OMXR (of Riga) increased from 634.97 index points Monday, August 15th to 637.94 index points Tuesday, August 16th. So it’s up 0.47 per cent d/d. From year-end it’s up 7.33 per cent.

OMXV (of Vilnius) dropped by 0.45 per cent – falling from 535.14 index points Friday, August 12th to 532.74 index points Tuesday, August 16th. From year-end it’s up 9.62 per cent.

SAX (of Bratislava) dropped by 0.52 per cent – falling from 320.30 index points Monday, August 15th to 318.62 index points Tuesday, August 16th. From year-end it’s up 8.99 per cent.

SOFIX (of Sofia) increased from 461.81 index points Monday, August 15th to 463.69 index points Tuesday, August 16th. So it’s up 0.41 per cent d/d. From year-end it’s up 0.61 per cent.

UX (of Kyiv) increased from 687.85 index points Monday, August 15th to 688.73 index points Tuesday, August 16th. So it’s up 0.13 per cent. From year-end it’s up 0.42 per cent.

CROBEX (of Zagreb) dropped by 0.07 per cent – falling from 1786.31 index points Friday, August 12th to 1784.99 index points Tuesday, August 16th. From year-end it’s up 5.64 per cent.

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