shadow economy

1 billion EUR is lost in VAT revenue a year due to shadow economy

The Lithuanian state loses around a billion euros in VAT revenue every year due to the shadow economy , despite active efforts to combat the phenomenon,...

Self-employed people mull alternatives as taxation changes loom

With Lithuanian authorities considering converging the taxation of self-employed and salaried income, some self-employed people may begin to look for a...

Banks warn: tax on bank assets would make loans more expensive

A proposed tax on banking assets would make loans for households and businesses more expensive, the Lithuanian Banks' Association (LBA) warned on Tuesday.

Finance minister: shadow economy visibly shrinks in country

The scope of shadow economy has visibly decreased over the past decade in Lithuania, Finance Minister Vilius Sapoka says as it has become fashionable to...

Prime minister doesn't favor tax on primary homes

After the European Commission recommended on Wednesday that Lithuania broaden its property tax base, Prime Minister Saulius Skvernelis said he does...