tax

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.

The Social Democratic Party (LSDP) will not support the Bank of Lithuania’s proposals to raise personal income tax in order to increase defence funding. LSDP leader Vilija Blinkevičiūtė believes that the current coalition should have adopted a tax reform in order to secure additional funding for def...

More than 54% of Lithuanians oppose a proposal to introduce a universal defence tax as of 2025, a public opinion poll commissioned by the LRT public broadcaster finds.

President Gitanas Nausėda believes the current Seimas is able to adopt a defence tax, which would be a more sustainable way of financing defence needs than borrowing set out in the annual budget.

Lithuania's new government is planning to review all existing tax incentives, including the excise tax discount for diesel fuel used by farmers, Finance Minister-designate Gintare Skaiste said on Tuesday, noting that the state loses at least 2 billion euros in budget revenue annually because of the ...

Nordic-Baltic business law house Fondia prepared an analysis of government aid for business and individuals in several countries. It turned out that state aid for economy correlates directly with the tax burden, calculated as a percentage of general domestic product (GDP), the company writes in a pr...

Major business organizations are withdrawing from the national agreement on reforms, signed with the government two years ago.

In its opinion on the Lithuanian parliament's decision to impose an additional tax on profits of banks and credit unions, the European Central Bank (ECB) recommends carrying out a comprehensive impact assessment regarding the tax.

Lithuania is set to introduce next July a tax that will be charged on polluting passenger cars every time they are registered or reregistered in the country.

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.