Ukraine to receive EUR600m from the EU

Ukraine’s PM Volodymyr Groysman and President of the EC Jean-Claude Juncker (Cabinet of Ministers of Ukraine, Public domain)

Slovaks will need 389 years to earn as much as Norwegians

Poland to stop transfers of untaxed profits

Ukraine

On Friday, February 10th, Jean-Claude Juncker, President of the European Commission and Volodymyr Groysman, the Prime Minister of Ukraine, met in Brussels. Both officials confirmed that  Ukraine will receive EUR600m from the European Union.

It’s the second tranche of the macro financial aid provided by the EU. The aid will be granted under a condition that Ukraine will lift the ban on exports of timber. It is said Ukrainian government has to send a dedicated bill to parliament. The ban on exports of round timber Ukraine has violated its liabilities under the Ukraine-EU Association Agreement and under the World Trade Organization.

Ukraine has already received the first tranche of EUR600m in late 2015. The tranches are part of the new Macro-Financial Assistance (MFA) program for Ukraine totaling EUR1.8bn. Under the program, the European Union “contributes to cover the urgent financing needs faced by Ukraine, while supporting the country’s economic stabilization.”

Interfax quotes Mr. Juncker saying that the European Commission is pleased with the efforts the Ukrainian government is undertaking in drawing up the mechanism to annul the moratorium on exports of round timber and approve it by parliament.

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Slovakia

Slovak Spectator informs that Slovaks will need 389 years to catch up with the income of Norwegians. The Slovak Confederation of Trade Unions has conducted a survey in which it compared average net monthly income of Slovaks and citizens of other European countries. The countries were divided into three groups:

  1. advanced (with average monthly pay of EUR3,000): Switzerland, Norway, Denmark, the Netherlands),
  2. developed (with average monthly pay of EUR2,000): Germany, Austria, Malta,
  3. emerging (with average monthly pay of EUR700): Slovakia, Poland, the Czech Republic, Hungary.

Although the salaries in emerging countries grow but in the developed and advanced countries they grow even faster. The portal quotes Monika Uhlerová, deputy head of KOZ, pointing out: “For example, Slovak income was 13 per cent of Swiss income in 2004, but in 2015 it was less than 12 per cent. In the case of Norway, the share was slightly over 16 per cent in 2004 and 18.5 per cent in 2015.”

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Poland

The Finance Ministry of Poland wants to stop a transfer of untaxed profits out of the country. The Polish Radio quotes Mr. Mateusz Morawiecki, Deputy Prime Minister, Minister of Development and Finance Minister, saying that “in the coming future the ministry will start investigating the transfer of profits on which tax was not paid in the country.”

It is another act in the battle against tax avoidances. In the late 2015 the government has announced closing loopholes in the country’s tax code and investigating law breaches.

Mr. Morawiecki informed about the first achievements in dealing with tax avoidances. He informed that “We have brought in 11 times more [revenues] than our predecessors.” Now the Ministry will take a closer look at transfers that look like moving profits out of Poland.

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What’s up in indexes

BET (of Bucharest) increased from 7,635.79 index points Thursday, February 9th to 7,668.55 index points Friday, February 10th  It was up 0.52 per cent d/d and up 24.79 per cent y/y.

BUX (of Budapest) increased from 32,949.00 index points Thursday, February 9th to 33,156.09 index points Friday, February 10th. It was up 0.63 per cent d/d and up 44.86 per cent y/y.

CROBEX (of Zagreb) decreased from 2,176.26 index points Thursday, February 9th to 2,163.03 index points Friday, February 10th. It was down 0.61 per cent d/d and up 39.28 per cent y/y.

OMXR (of Riga) increased from 746.81 index points Thursday, February 9th to 747.27 index points Friday, February 10th. It was up 0.06 per cent d/d and up 20.63 per cent y/y.

OMXT (of Tallinn) decreased from 1,107.81 index points Thursday, February 9th to 1,104.38 index points Friday, February 10th. It was down 0.31 per cent d/d and up 25.14 per cent y/y.

OMXV (of Vilnius) decreased from 562.71 index points Thursday, February 9th to 559.62 index points Friday, February 10th. It was down 0.55 per cent d/d and up 15.35 per cent y/y.

PX (of Prague) increased from 953.46 index points Thursday, February 9th to 964.31 index points Friday, February 10th. It was up 1.14 per cent d/d and up 11.64 per cent from year-end.

SAX (of Bratislava) increased from 305.98 index points Thursday, February 9th to 307.04 index points Friday, February 10th. It was up 0.35 d/d and up 0.83 per cent y/y.

SOFIX (of Sofia) increased from 603.14 index points Thursday, February 9th to 604.47 index points Friday, February 10th. It was up 0.22 per cent d/d and up 35.01 per cent y/y.

UX (of Kyiv) increased 900.88 index points Thursday, February 9th to 902.31 index points Friday, February 10th. It was up 0.16 per cent d/d and up 45.44 per cent y/y.

WIG20 (of Warsaw) increased from 2,132.40 index points Thursday, February 9th to 2,154.79 index points Friday, February 10th. It was up 1.05 per cent d/d and up 22.36 per cent y/y.

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