Silina promises 'impressive' superprofit tax for fuel traders

RIGA - Prime Minister Evika Silina (New Unity) said on Wednesday that the amount of the planned superprofit tax for fuel traders will be "impressive", but that it is too early to name a specific percentage.

In a joint news conference with President Edgars Rinkevics, the prime minister told reporters that without such a safety instrument end-users may not get the desired result.

In Silina's opinion, it should not be the case that a country delivers an additional discount by reducing excise duty on fuel, but the consumer does not feel it.

The prime minister said that the amount of the tax is currently being deliberated to make it fair and appropriate. She also explained that the planned mechanisms will be short term.

As reported, the government on Tuesday agreed in principle on possible solutions for the stabilization of fuel prices, including an excise duty rebate and a superprofit monitoring mechanism.

The government is expected to make a decision on possible legislative changes at its next meeting.