Lithuania’s government wants to extend the current excess profits tax imposed on banks for another year. The Cabinet in Vilnius decided on Wednesday to keep the regulation introduced last year in force until 2025. Lithuanian media reports suggest the additional revenue for the Treasury will be used to finance rising defence spending, which is to be increased to 3% of gross domestic product (GDP) in the coming years. The parliament of the Baltic EU and NATO country still has to approve the plan. Under the current regulations, banks must pay an additional statutory levy of 60% in 2023 and 2024 o…