Agenda Profile: Aivar Sõerd
First Reading of the Draft Resolution of the Riigikogu "Making a Proposal to the Government of the Republic Regarding the Imposition of a Temporary Solidarity Tax on the Banking Sector" (367 OE)
2024-05-08
15th Riigikogu, 3rd session, plenary session.
Political Position
The political position is moderately skeptical regarding the proposal (the banking sector solidarity tax), emphasizing that the period of banks' extraordinary profits is coming to an end and that extraordinary market conditions are also arising in other unregulated sectors. The framework is based on economic policy and focuses on the fairness and timing of taxation, referencing the cyclical nature of the market. It emphasizes that controlling inflation through the central bank's interest rate policy has been an effective lever.
10 Speeches Analyzed
Topic Expertise
The speaker demonstrates strong expertise in the fields of banking, taxation, and monetary policy, utilizing specific terminology (e.g., Euribor, advance income tax, central bank monetary policy). He/She supports his/her positions with economic data, citing the growth in income tax receipts and analyzing the ratio of interest income to interest expense on deposits in relation to bank profitability. Furthermore, he/she references previous experience as the Director General of the Tax Authority.
10 Speeches Analyzed
Rhetorical Style
The rhetorical style is formal, substantive, and procedure-centered, especially concerning the commission's report. The argumentation is logical and relies on economic facts (e.g., the decline in interest rates, inflation management) and regulatory expertise. Emotional appeals are absent, and the speaker repeatedly stresses the necessity of adhering strictly to the commission's discussion and addressing policy issues more broadly during the negotiation round.
10 Speeches Analyzed
Activity Patterns
The speaker acts as the representative of the leading committee (the Finance Committee), providing a detailed overview of the bill's discussion and the committee's consensus decisions. He/She is an active responder to questions, directing political topics to the negotiation round in order to maintain the focus of the committee's report. He/She also notes the absence of the bill's initiator at one planned session.
10 Speeches Analyzed
Opposition Stance
The direct opposition is not attacked personally; instead, the political logic of the bill's initiators is challenged, questioning why only the extraordinary profits of the banking sector are being taxed. They cite the profit growth of bus companies as an example, which resulted from exceptional circumstances (the closure of the Finnish-Russian border), suggesting an inconsistency in the taxation approach. The criticism is aimed at the policy's uneven application and its timing.
10 Speeches Analyzed
Collaboration Style
The style of cooperation is procedural and consensual, emphasizing that decisions made in the Finance Committee (e.g., appointing a representative, adopting the agenda) were reached by consensus. He/She refers to the participation and support of the representative of the Centre Party faction (Andrei Korobeinik) during the committee's discussion of the draft bill. He/She is open to questions but strictly delineates which topics may be addressed during the committee presentation.
10 Speeches Analyzed
Regional Focus
The focus is primarily national (tax policy, banking) and international (the European Central Bank's monetary policy). The regional aspect was only touched upon as an example of extraordinary profit, specifically referencing bus companies running routes to Russia. These companies are profiting due to the closure of the Finnish-Russian border, which redirects customers through Estonia.
10 Speeches Analyzed
Economic Views
Economic outlooks emphasize the cyclical nature of the market and the crucial role of central bank monetary policy in managing inflation. It is believed that the high profitability currently seen in the banking sector is a temporary phenomenon, given that Euribor is declining and the interest expense banks incur on deposits is rising. He points out that banks are already significant contributors to corporate income tax revenue, and their advance income tax payments will increase starting next year.
10 Speeches Analyzed
Social Issues
No data available
10 Speeches Analyzed
Legislative Focus
The legislative focus is on the proceedings for Bill 367 (the banking sector solidarity tax), with the speaker acting as the representative of the lead committee. Emphasis is placed on procedural details, such as the progress of the committee discussion, the postponement of dates, and the required parliamentary majority vote (of the Riigikogu) needed for the bill's passage.
10 Speeches Analyzed