Committee on Budget and Finance

On Tuesday, the first reading of the state budget for 2024 took place in parliament. Following the law, the draft of the budget was then returned to the Government for amendment.

MPs on Tuesday voted to cross out the first reading of the 2024 state budget legislation from the agenda of the Seimas’ plenary sittings.

The Lithuanian Social Democratic Party (LSDP) will not support real estate tax amendments put forward by the Government and the Seimas Committee on Budget and Finance. The decision was made in meetings of LSDP political group and the party’s board.

MP Mindaugas Lingė, chairman of the Seimas Committee on Budget and Finance, has revealed that some time ago a group of legislators addressed the Constitutional Court to contest the Government’s 2022 resolution whereby China was listed as an unreliable supplier of software.

Around 800 thousand Lithuanians would benefit from the Government’s proposed changes to the personal income tax (GPM) and other taxes, leaving some 17,500 self-employed people negatively affected, says the finance minister.

Taking into account problems existing at the Lithuanian Football Federation (LFF) and the need of reforms, a bill on direct management of the LFF has been drafted. It is aimed at temporarily taking over certain functions of the LFF to the extent needed to eliminate risks, without undermining its lon...

Lithuanian will apply a reduced VAT rate of 5 percent on electronic media – newspapers, magazines and other periodicals – from January 2021, a move that will cost the state budget around a million euros in lost revenue yearly.

The Seimas of Lithuania has on Tuesday increased the state's net borrowing limit from 904.6 million to 5.4 billion euros as additional funds are necessary to compensate for a drop in state revenue and mitigate the coronavirus crisis' impact on the Lithuanian economy.

President Gitanas Nauseda believes that the idea of setting a state-owned commercial bank in Lithuania should be given consideration, but any decisions on this issue could only be made after next fall's parliamentary election.

The Lithuanian parliamentary Committee on Budget and Finance has backed the proposal to increase the corporate tax for banks from 15 to 20 percent after six committee members voted in favor, one was against and one abstained.

The Lithuanian parliament overrode on Thursday a presidential veto on its decision to add two road maintenance and construction companies, Problematika and Keliu Prieziura (Road Maintenance), to the list of strategic enterprises.

The Lithuanian parliament's Committee on Budget and Finance, which has investigated the circumstances surrounding the 2009 financial crisis, is proposing to the government to consider a possibility to establish a commercial state bank.

The International Monetary Fund (IMF) is asked to conduct an independent evaluation of money laundering prevention in the Nordic and Baltic region, a member of the Bank of Lithuania's board said Wednesday.

Stasys Jakeliunas, former chairman of the Lithuanian Parliament’s Committee on Budget and Finance, plans to ask the government to appeal against prosecutors' decision not to defend the public interest in regard to alleged violations linked to a sharp increase in the Vilnius Interbank Offered Rate (V...

Lithuania's Prosecutor General's Office will not defend the public interest regarding alleged violations linked to the Vilibor (Vilnius Interbank Offered Rate) rate in 2008-2009 when interest rates on mortgages rose for Lithuanian residents.

A special Lithuanian governmental commission gave the same verdict that Revolut's activities do not run counter to the country's national interests after completing its third review of the UK-based fintech startup.

The Lithuanian Seimas' Committee on Budget and Finance, investigating the circumstances of the decade-old economic crisis, have in principle approved its conclusions on Wednesday.

A Lithuanian MP has proposed providing free medical treatment as of 2020 to Ukrainian and Belarusian pensioners who permanently reside in Lithuania, even if they never paid social insurance contributions.

The head of the Lithuanian Industrialists' Confederation hopes that relations between businesses and the president will improve after economist Gitanas Nauseda was elected to the top job.

The British fintech startup Revolut's activity in Lithuania might cause problems for the country, Antoni Mikulski, head of the Lithuania's Financial Crime Investigation Service, has warned.