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Lithuania has received a letter of formal notice from the European Commission over delays in transposing the Pillar Two directive, which imposes a minimum effective corporate income tax rate on multinational companies, the Verslo žinios business news website reports.
The Lithuanian Trade Unions’ Confederation says a higher corporate tax on business and progressive taxes would be the right instruments to secure more funding for defence.
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.
Lithuania's government is leaning towards "burying" the planned banking asset tax and is proposing introducing an additional 7 percent corporate tax for banks, brining the total corporate tax for them to 22 percent.
