Draft resolution "Proposal to the Republic of Estonia's Government regarding the introduction of a temporary solidarity tax on the banking sector" (487 OE) – first reading
Session: 15th Riigikogu, 4th session, plenary session
Date: 2024-10-22 13:24
Total Speeches: 92
Membership: 15
Agenda Duration: 1h 39m
AI Summaries: 92/92 Speeches (100.0%)
Analysis: Structured Analysis
Politicians Speaking Time
Politicians
Analysis
Summary
The Riigikogu’s first reading concerned draft resolution 487 submitted by the Estonian Centre Party’s faction, regarding a temporary solidarity tax on the banking sector for the years 2025–2027. The draft resolution was presented to the Riigikogu speaker’s rostrum by Andrei Korobeinik, and the discussion primarily focused on whether the taxation of banks' excessive profits would provide additional revenue to the state budget, and what the impact might be on the economy and consumption. Comparisons were made during the debate concerning Lithuania's experiences, changes to Euribor, and loans, including mortgages, and there was also criticism directed at the proposal, arguing that the tax must be distributed fairly and the economy should not be unduly harmed. As a committee step, it was initially decided to bring the draft resolution to the plenary agenda and Aivar Sõerd was named the lead committee member, but ultimately, the draft resolution was not adopted and was rejected.
Decisions Made 2
Session extension: The session was extended until the agenda was exhausted, but no later than 2:00 PM. Voting result: 44 in favor, 12 against, 1 abstention. Record: The session was extended according to the proposal of the Reform Party faction.
Bill No. 487 of the Riigikogu has been rejected. The vote result: 19 in favor, 0 against, 0 abstentions.
Most Active Speaker
The most active speaker was identified as "vw5WQVoukVA"; their political position: other (neither left-wing nor right-wing). They primarily represented the viewpoints of the bill's initiators, answered questions, and offered perspectives and discussions concerning the bill's effects on the economy and the consumer.
Aseesimees Toomas Kivimägi
AI Summary
The first item on the agenda is the first reading of Riigikogu Draft Resolution 487, submitted by the Centre Party Faction, concerning the establishment of a temporary solidarity tax on the banking sector. The adoption of this resolution requires an absolute majority vote of the Riigikogu membership. Esteemed colleague Andrei Korobeinik is invited to give the presentation.
Andrei Korobeinik
Profiling Eesti Keskerakonna fraktsioonAI Summary
According to Korobeinik, the bank profit tax bill would bring twice as much money into the state budget as all the Ukrainian aid packages combined, and following Lithuania's example, it would be beneficial for the economy, but he warns that it could slow down economic growth and increase social division.
Aseesimees Toomas Kivimägi
AI Summary
Toomas Kivimägi said that there were still 15 minutes left, or 20 minutes in total, and he characterized the format as very liberal and democratic.
Andrei Korobeinik
Profiling Eesti Keskerakonna fraktsioonAI Summary
Andrei Korobeinik proposed creating a foundation for economic optimism, even given the current circumstances. He requested the support of the coalition members to advance the draft legislation, stressing that the power to impose taxes rests with the parliament and that 51 affirmative votes are required to initiate a debate.
Aseesimees Toomas Kivimägi
AI Summary
Toomas Kivimägi thanks the presenter for the report, notes that there are questions, and asks Aivar Sõerd to respond.
Aivar Sõerd
Profiling Eesti Reformierakonna fraktsioonAI Summary
Aivar Sõerd said that the bill is hopelessly late, because profits cannot be taxed retroactively and only future profits can be taxed. Furthermore, although Euribor has been falling for quite some time and is expected to fall further according to forecasts, the favorable market conditions in the banking sector have already passed.
Andrei Korobeinik
Profiling Eesti Keskerakonna fraktsioonAI Summary
Korobeinik says this isn't the first attempt. Even though Euribor is currently around 3% and could bring hundreds of millions of euros into the state treasury next year, we have to factor in future uncertainty. In two years, it could potentially rise to 7%. If banks start reaping massive profits, the winners should be the Estonian state and its people, not just the owners of Swedish pension funds.
Aseesimees Toomas Kivimägi
AI Summary
Deputy Speaker Toomas Kivimägi invites Vadim Belobrovtsev to take the floor.
Vadim Belobrovtsev
Profiling Eesti Keskerakonna fraktsioonAI Summary
Vadim Belobrovtsev points out that even though Euribor has dropped and might reach 2% next year, the issue still revolves around the taxation of hundreds of millions of euros. He then asks why the government isn't addressing or debating the matter, and whether they have some kind of special relationship with the banks.
Andrei Korobeinik
Profiling Eesti Keskerakonna fraktsioonAI Summary
Korobeinik claims that the Reform Party has kept only one promise—the non-taxation of banks—and although the Social Democrats employ appealing rhetoric, no actions are visible. He adds that if the bill is adopted, the banks' large profits might remain in people's pockets, which is why taxing banks is the right way forward.
Aseesimees Toomas Kivimägi
AI Summary
Vice-Speaker Toomas Kivimägi called upon Urmas Kruuse to speak.
Urmas Kruuse
Profiling Eesti Reformierakonna fraktsioonAI Summary
Urmas Kruuse claims that the additional tax on banks and the 18% advance income tax are unjustified and would increase the burden on consumers and the economy. He also emphasizes that the comparison between Lithuania and Estonia is inaccurate, and given that the state budget is currently running a deficit, the draft bill should not be supported—the idea must be abandoned and consigned to the dustbin of history.
Andrei Korobeinik
Profiling Eesti Keskerakonna fraktsioonAI Summary
In the presentation, the speaker emphasizes that the bill’s purpose is to improve the state budget, and the funds will come directly from people’s pockets, not from value-added sources. Although the contribution of banks is important, they should not be taxed to such a high degree, because nearly all housing loans in Estonia are tied to Euribor. Fixing interest rates could protect the consumer, even if it ends up being expensive in the long run.
Aseesimees Toomas Kivimägi
AI Summary
Deputy Speaker Toomas Kivimägi asks Lauri Laats to take the floor.
Lauri Laats
Profiling Eesti Keskerakonna fraktsioonAI Summary
Lauri Laats accuses the Reform Party of protecting banks, emphasizing that the large share of consumption taxes (41% of the state budget) and the insufficient regulation of the free market create instability for consumers, and linking Euribor to loans is not, in his opinion, good practice.
Andrei Korobeinik
Profiling Eesti Keskerakonna fraktsioonAI Summary
Andrei Korobeinik argues that additional income flows into consumption, and if the security contribution is abolished on the first euro and the resulting funds are directed towards pensioners and minimum wage earners, this would accelerate Estonian economic growth and reduce poverty. However, the main problem is who foots the bill. Poverty has increased in recent years under the Reform Party's governance, a trend that could be mitigated by implementing a bank tax, but the tax hikes planned in next year's state budget will not pull us out of the economic downturn.
Aseesimees Toomas Kivimägi
AI Summary
This is an invitation for Helle-Moonika Helme to come up to the stage.
Helle-Moonika Helme
Profiling Eesti Konservatiivse Rahvaerakonna fraktsioonAI Summary
The presenter points out that the major banks are foreign—mostly Swedish banks—and that their services in Estonia are more expensive, with loans carrying higher fees. They then ask if anyone has calculated exactly how much profit these banks are making for their mother country at our expense, and whether a banking tax would have been a fair answer to that.
Andrei Korobeinik
Profiling Eesti Keskerakonna fraktsioonAI Summary
Andrei Korobeinik points out that although EKRE attempted to undermine the Reform Party, the loan repayment discipline of Estonian clients is just as good as in Scandinavia. However, Estonian clients pay higher loan interest rates, and a billion euros leaves Estonia, which is inconsistent with the logic of a market economy.
Aseesimees Toomas Kivimägi
AI Summary
The Deputy Chairman called upon Tanel Tein to speak.
Tanel Tein
Profiling Fraktsiooni mittekuuluvad Riigikogu liikmedAI Summary
Tanel Tein asked whether Estonia’s potential had been studied using the signal sent by the tax, and which banks might or might not choose to come here, since the value of this potential could be greater when measured as tax revenue.
Andrei Korobeinik
Profiling Eesti Keskerakonna fraktsioonAI Summary
Andrei Korobeinik said that although there has been talk of a profit tax, not a single bank has left Lithuania over the past 1.5 years, and there is room in the market for new players. Furthermore, the investments made by large banks in jobs and development activities indicate that taxes should not impede market entry.
Aseesimees Toomas Kivimägi
AI Summary
Deputy Chairman Toomas Kivimägi invites Urve Tiidus to speak.
Urve Tiidus
Profiling Eesti Reformierakonna fraktsioonAI Summary
Urve Tiidus stresses that the Centre Party has been in government and asks us to recall when they submitted a proposal for the adoption of a similar law.
Andrei Korobeinik
Profiling Eesti Keskerakonna fraktsioonAI Summary
Korobeinik stated briefly that the Euribor had been very low or negative for a long time, and then started rising in 2023. He added that the Centre Party is not responsible for this situation, and although the coalition is attempting to tax the negative rate, economic results indicate that they will not succeed.
Aseesimees Toomas Kivimägi
AI Summary
Greeting the colleagues, it is announced that regarding the draft resolution, there is one question for each of the two rapporteurs, and Anastassia Kovalenko-Kõlvart is invited to respond.
Anastassia Kovalenko-Kõlvart
Profiling Eesti Keskerakonna fraktsioonAI Summary
The speaker accuses the Reform Party of tossing bills deemed worthy into the dustbin of history, arguing that new taxes restrict the purchasing power and future investments of ordinary people. The speaker cited Jürgen Ligi's statements and questioned whether the Minister of Finance is acting as an advocate for the banks due to his extensive background in the financial sector.
Andrei Korobeinik
Profiling Eesti Keskerakonna fraktsioonAI Summary
Andrei Korobeinik asks the Minister of Finance to explain the basis for these claims regarding the influence of Lithuanian and Scandinavian banks and taxes, stressing that every additional euro affects pensioners, single mothers, and those living in rural areas, and that facts are necessary, not merely a gut feeling.
Aseesimees Toomas Kivimägi
AI Summary
Vice-Speaker Toomas Kivimägi invited Evelin Poolamets to speak.
Evelin Poolamets
Profiling Fraktsiooni mittekuuluvad Riigikogu liikmedAI Summary
Evelin Poolamets supported the temporary solidarity payment during the rise in Euribor and asked whether a draft bill could be prepared stipulating that the payment would take effect once Euribor reaches a specific percentage level.
Andrei Korobeinik
Profiling Eesti Keskerakonna fraktsioonAI Summary
The proposal claims that if banks incur losses, these will be offset against profits earned in the future, and that this constitutes fair compensation for the current injustice, rather than the robbing of banks.
Aseesimees Toomas Kivimägi
AI Summary
Vice-Chairman Toomas Kivimägi confirms that it is available, and invites Kalle Grünthal to speak.
Kalle Grünthal
Profiling Fraktsiooni mittekuuluvad Riigikogu liikmedAI Summary
Kalle Grünthal is raising the question of whether Finance Minister Jürgen Ligi is fit for the post, arguing that his previous experience managing banks and his current statements may indicate a conflict of interest that could disqualify him from holding the office.
Andrei Korobeinik
Profiling Eesti Keskerakonna fraktsioonAI Summary
He emphasizes that the finance minister's ability to work is not merely a personal matter, but reflects a broader picture of conflicts of interest, inconsistencies within the state sector, and the need to explain the grounds for decisions arising from the Reform Party's protection of banks.
Aseesimees Toomas Kivimägi
AI Summary
Deputy Chairman Toomas Kivimägi asks that Henn Põlluaas be called to the stage.
Henn Põlluaas
Profiling Fraktsiooni mittekuuluvad Riigikogu liikmedAI Summary
Henn Põlluaas stated that he found no substantive arguments in the media against taxing banks' extraordinary profits, and he singled out only one claim from there—that of Minister of Economic Affairs Tiit Riisalo, a member of Eesti 200—who argued that such taxation would harm entrepreneurship and the economic environment. Põlluaas then asked how such assertions should be characterized.
Andrei Korobeinik
Profiling Eesti Keskerakonna fraktsioonAI Summary
Andrei Korobeinik points out that while the new tax is detrimental and tinkering with taxes harms the economy, it is hypocritical to claim that the bank tax will drive businesses out of Estonia, given that other taxes and reductions in subsidies are stable, and the likelihood of departure is not very high.
Aseesimees Toomas Kivimägi
AI Summary
Varro Vooglaid is invited to speak at the beginning of the address.
Varro Vooglaid
Profiling Fraktsiooni mittekuuluvad Riigikogu liikmedAI Summary
Varro Vooglaid stressed the necessity of a bank tax but questioned whether the proposed plan might allow banks to bypass the tax obligation if they raise deposit interest rates, leaving only the profit after interest and other payouts taxable, a method practiced in Lithuania.
Andrei Korobeinik
Profiling Eesti Keskerakonna fraktsioonAI Summary
Korobeinik notes that if deposit and loan interest rates were at the Swedish level, this would reduce banks' profits. However, investing in Estonian offices, paying local salaries, and implementing a profit tax would make services cheaper and increase investments. Furthermore, a higher Euribor would bring the state additional revenue and trigger a chain reaction.
Aseesimees Toomas Kivimägi
AI Summary
Toomas Kivimägi offered his thanks and stated that there were no further questions. He then invited the audience to hear about the discussion and decisions reached by the Finance Committee, and asked Aivar Sõerd, a member of the Finance Committee, to take the floor.
Aivar Sõerd
Profiling Eesti Reformierakonna fraktsioonAI Summary
The Riigikogu Finance Committee discussed at its September 17 session a draft bill introducing a temporary solidarity tax for the banking sector for 2025–2027, and unanimously decided to include the draft bill on the plenary session agenda for October 22 and appoint Aivar Sõerd as the lead committee member. The committee will provide an overview of the proceedings of the session.
Aseesimees Toomas Kivimägi
AI Summary
The Deputy Chairman expresses his thanks and turns to Urmas Kruuse with a request.
Urmas Kruuse
Profiling Eesti Reformierakonna fraktsioonAI Summary
Urmas Kruuse requests confirmation or denial of the claim that the impact of Euribor is greater in Lithuania than in Estonia, arguing that this is because Lithuania has a smaller share of Euribor, fixed contracts, and a lower debt burden. He also adds that unlimited taxation of banks could result in money being taken back from clients and ultimately prove more costly for society.
Aivar Sõerd
Profiling Eesti Reformierakonna fraktsioonAI Summary
The key difference between the Estonian and Lithuanian economic environments is that we have a larger volume of loans tied to Euribor. However, the decline in interest rates and Euribor will have a stronger impact on the Estonian economy, and ultimately, the consumer ends up paying all the taxes included in the price.
Aseesimees Toomas Kivimägi
AI Summary
The speaker invited Andrei Korobeinik to speak.
Andrei Korobeinik
Profiling Eesti Keskerakonna fraktsioonAI Summary
Korobeinik thanked them for the presentation, praised its specific content and the colleagues' input, and posed two questions: why the growth of Euribor-linked loans increases our profit, and why the consumer doesn't simply pay the profit tax through the price of services, given that taxes in Sweden are higher and interest rates are lower, which creates a paradox.
Aivar Sõerd
Profiling Eesti Reformierakonna fraktsioonAI Summary
Despite the differences in national interest rate levels and economic environments, tax revenues have reached record highs. Moreover, banks are already paying the bank tax, and their 14% advance income tax rate is set to rise to 18% next year.
Aseesimees Toomas Kivimägi
AI Summary
At the start of the address, Helle-Moonika Helme is asked to be called to the stage.
Helle-Moonika Helme
Profiling Eesti Konservatiivse Rahvaerakonna fraktsioonAI Summary
Helme argues that while the imposition of the Lithuanian bank tax will bring economic benefit to Lithuania, Estonian consumers and businesses will pay the price, and the Estonian economy will decline because Estonia has not taken the same step.
Aivar Sõerd
Profiling Eesti Reformierakonna fraktsioonAI Summary
Aivar Sõerd corrects the statement, emphasizing that taxation must not be based on temporary market conditions. He cites the Lithuanian bank tax experience as an example, noting that it has had no direct impact on Lithuania, and loan growth continues. Furthermore, foreign investors still view Estonia as a more attractive investment destination than Latvia and Lithuania.
Aseesimees Toomas Kivimägi
AI Summary
Toomas Kivimägi excuses himself, briefly takes a procedural point from Anastasia, and asks whether someone might have accidentally pressed the button.
Anastassia Kovalenko-Kõlvart
Profiling Eesti Keskerakonna fraktsioonAI Summary
The author of the presentation criticizes the lack of discussion in the Finance Committee, noting that the committee representative instead read out a very long ERR article, and almost all of his response was derived from it. This is false, as the article had not even been published at that time.
Aseesimees Toomas Kivimägi
AI Summary
Toomas Kivimägi stated that Aivar's right to reply must not be restricted during the debate, and provided the topic is important and has been discussed in the committee, the debate must be held and questions are permitted.
Andrei Korobeinik
Profiling Eesti Keskerakonna fraktsioonAI Summary
Andrei Korobeinik asks how the presiding officer would assess the situation where Aivar, the rapporteur for the Finance Committee, brought along a printout of an ERR article, and whether he is doing this maliciously or simply intends to discuss other topics.
Aseesimees Toomas Kivimägi
AI Summary
Toomas Kivimägi emphasizes that Aivar is always extremely thorough, utilizes a broad range of source materials, and has also familiarized himself with your standpoints. Now we can proceed with the questions, and Aivar must answer, while simultaneously apologizing that the subsequent matter was not discussed by the committee.
Tanel Tein
Profiling Fraktsiooni mittekuuluvad Riigikogu liikmedAI Summary
He highlights the necessity of improving internal competition within the banking sector to create better conditions for ordinary customers and businesses. He questions whether this is necessary in Estonia and what direction should be taken, and confirms that Eesti 200 does not support a bank tax, but wants to contribute to the discussion by helping the sector find its future development paths.
Aivar Sõerd
Profiling Eesti Reformierakonna fraktsioonAI Summary
Aivar Sõerd said that he aims to remain in his role as the commission's representative and discuss what took place at the sitting, but stressed that competition does, in fact, exist here, and that the draft bill does not align with the broader issue of competition in the banking sector, because the complexity surrounding market entry regulations and the impact of foreign capital requires separate discussion in the Finance Committee.
Aseesimees Toomas Kivimägi
AI Summary
Deputy Chairman Toomas Kivimägi invites Rain Epler to speak.
Rain Epler
Profiling Fraktsiooni mittekuuluvad Riigikogu liikmedAI Summary
Rain Epler emphasized the need for a broader discussion and questioned how credible the article by the Lithuanian SEB bank analyst was, asking whether he was telling the truth or simply singing the tune dictated by his employer.
Aivar Sõerd
Profiling Eesti Reformierakonna fraktsioonAI Summary
Aivar Sõerd noted that bank analysts generally have the best knowledge of the sector, and he highly values the chief analysts of Estonian commercial banks and the analysts of the same bank group in Lithuania and Latvia, and said that upon the conclusion of the committee's discussion, a round of negotiations will likely begin, where everyone can present their impressions and assessments more precisely.
Aseesimees Toomas Kivimägi
AI Summary
Deputy Speaker Toomas Kivimägi invited Varro Vooglaid to the stage.
Varro Vooglaid
Profiling Fraktsiooni mittekuuluvad Riigikogu liikmedAI Summary
Varro Vooglaid criticized the steep increase in bank profits in 2023 (from 0.5 billion to roughly one billion euros). He cited a quote by Upton Sinclair and the background of SEB analysts, and subsequently raised the question of whether the state has a duty to protect its citizens from profiteering and whether this duty is considered less important than investor attractiveness.
Aivar Sõerd
Profiling Eesti Reformierakonna fraktsioonAI Summary
Aivar Sõerd notes that, although one should not label the temporary favorable economic climate as 'profiteering' (or 'exploitation of a boom'), banks pay income tax differently from other sectors. Furthermore, their advance corporate income tax payments have grown severalfold in recent years, constituting a large portion of last year's and this year's tax revenue.
Jaak Valge
Profiling Fraktsiooni mittekuuluvad Riigikogu liikmedAI Summary
The presentation discusses the extraordinary taxation of banks and the retroactive solidarity tax, drawing comparisons with the policies of Britain's Thatcher and Lithuania, and questioning why Lithuania's economic environment and growth are superior to Estonia's.
Aseesimees Toomas Kivimägi
AI Summary
This is a request to invite Jaak Valge to give a presentation.
Aivar Sõerd
Profiling Eesti Reformierakonna fraktsioonAI Summary
When comparing the Lithuanian and Estonian economies, the tax environment cannot be seen as the sole factor, and the bank tax itself is only a small piece of the puzzle. Crucial elements include proximity to markets, dependence on Euribor, the influence of the Russian economy, and several other factors whose cumulative effect impacts development and may only manifest itself fully later on.
Evelin Poolamets
Profiling Fraktsiooni mittekuuluvad Riigikogu liikmedAI Summary
Evelin Poolamets asked whether it would be possible in the future to prevent similar instances of unfairness and to tax the profits generated by the sudden rise of Euribor, given that the draft legislation is hopelessly delayed and retroactive profits cannot be taxed.
Aseesimees Toomas Kivimägi
AI Summary
Deputy Speaker Toomas Kivimägi asks that Evelin Poolamets be invited to speak.
Aivar Sõerd
Profiling Eesti Reformierakonna fraktsioonAI Summary
Speaking realistically, Sõerd emphasized that Euribor will fall in the near future, but this does not guarantee a favorable economic climate. Taxation must not be based on temporary prosperity, and although banks' cost base is growing, income resulting from Euribor will decline, and loan losses may cause losses for the banks.
Aseesimees Toomas Kivimägi
AI Summary
Deputy Chairman Toomas Kivimägi asked Arvo Aller to come forward.
Arvo Aller
Profiling Fraktsiooni mittekuuluvad Riigikogu liikmedAI Summary
In Arvo Aller's address, the question is raised whether it is justified to tax the Estonian people during unfavorable economic conditions while simultaneously failing to justify the imposition of taxes on banks, and how this should be viewed as a correlation.
Aivar Sõerd
Profiling Eesti Reformierakonna fraktsioonAI Summary
Right after the committee concludes its discussion, a round of negotiations will begin, followed by another opportunity to discuss the topic in greater depth.
Aseesimees Toomas Kivimägi
AI Summary
Only factions are permitted to participate in the negotiations, but there is still an opportunity now to pass your message on to your faction's rapporteur.
Lauri Laats
Profiling Eesti Keskerakonna fraktsioonAI Summary
Lauri Laats thanked the managers and the presenter, but raised the question of interest rates. He asked why Estonian banks charge people higher interest, pointing out that housing loan interest rates are lower in Scandinavia despite similar payment discipline. He referenced Jürgen Ligi’s assertion that the share of consumption taxes could be larger, noting that approximately 41% of tax revenue goes toward funding the state budget.
Aseesimees Toomas Kivimägi
AI Summary
Deputy Chairman Toomas Kivimägi offered merely a word of thanks in his speech.
Lauri Laats
Profiling Eesti Keskerakonna fraktsioonAI Summary
He/She highlights that consumption taxes make up a large proportion of all taxes and asks for a comment on the matter.
Aivar Sõerd
Profiling Eesti Reformierakonna fraktsioonAI Summary
Aivar Sõerd says that the explanatory memorandum accompanying the draft decision should have included a thorough analysis of the financial sector and comparisons with other countries, which would provide the draft with greater added value, and that these topics will be discussed in the Finance Committee and at a broader level involving the Banking Association and the Bank of Estonia, the information for which is available via a colleague.
Aseesimees Toomas Kivimägi
AI Summary
The address stated that praise does not preclude criticism, and Siim Pohlak is invited to the stage to speak.
Siim Pohlak
Profiling Eesti Konservatiivse Rahvaerakonna fraktsioonAI Summary
Siim Pohlak asserts that the extraordinary bank profit tax implemented in Lithuania has worked and has not caused any deterioration in loans or banking services, and that the panic generated in Estonia regarding this tax proved to be exaggerated.
Aivar Sõerd
Profiling Eesti Reformierakonna fraktsioonAI Summary
I disagree with your line of reasoning because the negative impacts of the bank tax experiment could result from Lithuania becoming less attractive to foreign investors, and the associated tax risk could deter them—a fact confirmed by both the Bank of Lithuania and the chief analyst of a Lithuanian bank. However, regardless of the tax, loans are increasing due to economic growth and the decline in Euribor rates, which is why the Lithuanian experience must be carefully considered.
Aseesimees Toomas Kivimägi
AI Summary
Toomas Kivimägi announced that the Reform Party faction is requesting an extension of today's sitting until the agenda is exhausted, but no later than 2:00 PM, and called upon his colleagues to take a position and cast their votes.
Aseesimees Toomas Kivimägi
AI Summary
The motion was carried with 44 votes in favor, 12 against, and 1 abstention. The sitting is extended until the agenda is exhausted, but no later than 2 PM, and discussions will commence. Rain Epler of the EKRE faction submitted a request.
Rain Epler
Profiling Fraktsiooni mittekuuluvad Riigikogu liikmedAI Summary
Rain Epler noted that the purpose of the draft bank tax is to give banks the power of decision: whether to pass the extraordinary interest rate increases on to depositors and earn a normal profit, or to have their extraordinary profit taxed. He also criticized the coalition's contradictory demagoguery and recalled Kaja Kallas’s promise that there would be no bank tax.
Aseesimees Toomas Kivimägi
AI Summary
The Deputy Speaker thanks [the previous speaker] and invites Lauri Laats to speak on behalf of the Estonian Centre Party faction.
Lauri Laats
Profiling Eesti Keskerakonna fraktsioonAI Summary
Lauri Laats emphasizes that the bank tax is a fairer and more solidarity-based tax than consumption taxes, arguing that banks' profits have increased while raising consumption taxes harms domestic consumption and the business environment. He calls on members of the Riigikogu to stand in favor of the bill.
Aseesimees Toomas Kivimägi
AI Summary
Toomas Kivimägi concluded the negotiations and offered an apology to the Reform Party faction on behalf of Urmas Kruuse.
Urmas Kruuse
Profiling Eesti Reformierakonna fraktsioonAI Summary
Urmas Kruuse criticizes the draft bill that seeks to tax 50% of corporate profits, pointing out that the proposal is outdated and could send negative signals to investors. He argues that financing business through the banking system is crucial, and the country's competitiveness depends on sustainable funding and investments, rather than on sweeping tax changes.
Aseesimees Toomas Kivimägi
AI Summary
He is asking for three more minutes.
Urmas Kruuse
Profiling Eesti Reformierakonna fraktsioonAI Summary
Urmas Kruuse stated that discussions require tact and an acknowledgment of the interconnectedness of society and the economy, as well as the contribution made by banks. Nevertheless, against the backdrop of approximately 30 million euros being added to the budget next year due to the rising tax burden, it is extremely difficult to objectively support this bill.
Aseesimees Arvo Aller
AI Summary
Deputy Speaker Arvo Aller concluded the debates, informed the assembly that no amendments had been submitted, and proceeded with preparations for the final vote. He emphasized that the adoption of the draft required an absolute majority of the Riigikogu membership, and subsequently put Draft Resolution 487 of the Riigikogu, titled "Proposal to the Government of the Republic concerning the establishment of a temporary solidarity tax on the banking sector," to the final vote, asking members to state their position and cast their vote.
Aseesimees Arvo Aller
AI Summary
Draft legislation 487 was rejected: 19 Riigikogu members voted in favor, there were no votes against, and there were no abstentions.