tax

A criminal group of mainly Lithuanians have avoided paying around EUR 31 million in tax as they brought 16 thousand damaged vehicles from the United States, investigators said Friday.

MP Viktorija Čmilytė-Nielsen, chair of the Liberal Movement’s parliamentary group, says Liberal MPs oppose the Finance Ministry’s draft legislation on tax changes. She warns that nearly all the additional revenues would go to implement the Social Democrats’ programme rather than finance defence need...

The Ministry of Finance has made a formal proposal to introduce four personal income tax rate brackets ranging between 20% and 36%, depending on earnings.

The ruling coalition agreed on three income tax (GPM) rates, including an intermediate rate of 25% for those earning an annual income of more than 36 average wages, Prime Minister Gintautas Paluckas has said.

Finance Minister Rimantas Šadžius says he expects to present the entire package of proposed tax changes in the Seimas as soon as in April.

MP Juozas Olekas, Social Democratic deputy speaker of the Seimas, has revealed that parliament is committed to adopting a package of tax laws by the end of the spring session. Parliament’s spring session runs from 10 March to 30 June.

Tax hikes or sectoral budget cuts are inevitable for Lithuania aiming for the defence spending target set by the State Defence Council (VGT) as no "magic recipe" exists here, says the European commissioner for defence and space.

On Friday, President Gitanas Nausėda met with the head of the Bank of Lithuania to discuss potential revenue sources to boost defence funding. The president will propose to change legislation to increase the contribution of the Bank of Lithuania to the state budget to meet the growing defence needs....

The Lithuanian Confederation of Industrialists (LPK) proposes to politicians to halt tax changes until 2026, urging stability to secure sustainable and consistent economic growth.The Social Democratic Party (LSDP), leader in polls, has vowed to implement tax reform in a year.

On Thursday, the Defence Fund package, which will increase the national defence spending to 3% of gross domestic product (GDP) for the period 2025-2030, prepared by the Ministry of Finance was approved by the Seimas. According to Finance Minister Gintarė Skaistė, the package consists of four parts: ...

On Thursday, 20 June, the Seimas adopted a law drafted by the Government on the creation of the State Defence Fund.

On Thursday in parliament, parties from the coalition and the opposition presented their proposals on extension of the solidarity contribution paid by banks and credit institutions. The Government suggests that the temporary tax on extra bank profits would be in effect for one more year, whereas the...

The Government proposes to extend the bank solidarity levy for another year in efforts to secure the funds needed for defence. The Finance Ministy’s proposal was approved by the Cabinet of Ministers on Wednesday.

Minister of National Defence Laurynas Kasčiūnas estimates that if the bank solidarity contribution, a levy on extra banking profits, is extended for one more year, it would enable Lithuania to procure an additional air defence system.

The Lithuanian Government has approved the proposal to extend the temporary bank solidarity contribution, a tax on extra banking profits, for one more year in order to fund defence needs. Yet some opposition representatives suggest that banks should pay this tax indefinitely. Minister of the Economy...

Labour Party’s leader Andrius Mazuronis objects to the Government’s proposal of raising excise duties in order to increase defence spending. He argues that progressive measures were not put forward and thus the lowest-income earners would be affected the most.

Finance Minister Gintarė Skaistė on Tuesday publicly presented the Defence Fund package, which includes proposals to increase the national defence spending to 3% of gross domestic product (GDP) for the period 2025-2030, the ministry said in a detailed press release.

Vilija Blinkevičiūtė, leader of the Social Democratic Party, believes that National Defence Minister Laurynas Kasčiūnas is late with his suggestion to extend the bank solidarity levy. According to her, both the Social Democrats and the presidency had previously suggested a longer period for applying...

Lithuania is considering a raise of the corporate income tax rate to boost defence funding, but this would not be the best possible solution as it might affect Lithuania’s investment climate, argues economist Rimantas Rudzkis.

If only businesses are obligated to finance additional defence needs, they may consider pulling out from the domestic market, the Lithuanian Business Confederation (LVK) has warned. Such a decision would not help draw new firms to the market either, it says.