"As a member of Parliament, as a citizen, as someone who has worked in finance and who understands some of the financial aspects, I believe there is a chance that taxes will have to change. We certainly cannot rule it out," Jeglinskas told LRT TV on Tuesday, adding that it is too early to be more specific now.
"We should see the proposal of the prime minister and finance minister first," he said.
The public debt is also likely to rise following the increase in defence spending, according to Jeglinskas.
"We are one of the least indebted countries in the European Union, so we really have that growth buffer," the Democrat MP said.
The State Defence Council (VGT) last week agreed on 5-6% of GDP defence spending in coming years.
President Gitanas Nausėda, chair of the Council, said the target would be reached by reviewing the available public resources but raising taxes should be avoided. He also hopes that the European Council will also offer financial and lending mechanisms for defence.