Members of the Board of the Finland-Lithuania Business Association with Mr. Karolis Žemaitis, the Vice-Minister of the Economy and Innovation of the Republic of Lithuania.

Finland-Lithuania Business Association with OP: Current tax topics in the EU, overview of sanctions and Baltic economic outlook seminar was held on the 1st December 2023 at OP Vallila.

The aim of the seminar was present the economic situation and forecast for the near-term economic development in the Baltic countries, inform companies on tax initiatives in the EU and their impact on the business operating in several EU countries and third countries followed by discussion on issues emerging in the future will be the second theme of the seminar and give an  outlook on sanctions and the roles companies play in ensuring compliance for themselves and the broader society. 

The Baltic economies have been growing steadily for the past decade, making them an attractive investment location. As the economies grow, our focus shifts to progressive areas and industries for further development, including the engineering industry, technology, and innovation. By embracing high-tech sectors and fostering innovation, we aim to drive growth and position the Baltic countries as leaders in the evolving global economy, states Mr. Karolis Žemaitis, the Vice-Minister of the Economy and Innovation.

The economies of the Baltic countries have fallen or are falling into a recession, driven by a weak global economy. Particularly, the decline in growth is coming from exports and consumption in the near term, predicts Mr. Joona Widgrén, Economist, OP.

EU commission has set out a series of targeted initiatives to address current problems in business taxation and create a more stable, supportive, and fair corporate tax framework for the future. Aim is to simplify tax system and make EU’s internal market more competitive expects Mr. Jarno Mäkelä, Senior Tax Manager, OP.

Sanctions risk management is getting increasingly complex as more targeted and new types of sanctions are being used. The responsibility for ensuring sanctions reach their intended outcomes lies with all actors in the society, from lawmakers and regulators to financial institutions, corporates as well as individuals. Every player needs to contribute and ensure accountability for its own actions. The current sanctions on Russia are already creating results but more focus will be needed towards preventing sanctions evasion, says Mr. Juho Karsio, Head of Sanctions OP Group. Mr. Matias Huhtala, Head of Baltic Banking at OP Corporate Bank.

Mr. Matias Huhtala, Head of Baltic Banking at OP Corporate Bank moderated the event and Mr. Risto Uusitalo, Chairman of Finland-Lithuania Business Association gave the closing comments. The seminar was organized by OP and the Finland-Lithuania Business Association.