tax

Lithuanian President Dalia Grybauskaitė has criticized the government's suggestions to cut VAT rates on some foodstuffs in order to rein in prices. The measures will benefit retailers, not consumers, the president believes.

VAT cuts are not the best way to rein in rising food prices, says the Lithuanian president's top adviser.

The Lithuanian government is planning to raise tax-exempt income levels again next year, following a hike this January.

Lithuania's taxation system is conducive to social inequality with a disproportionate burden falling on labour income, and taxes on capital half that of the European Union average, according to leading economists.

Businessman Nerijus Numavičius, Lithuania's richest man, has officially become a taxpayer in the United Kingdom, where he resides, and can choose which country gets his tax money, 15min.lt reports.

Lowering the value-added tax (VAT) rate for all goods and services would be preferable to exemptions on select products, like food, Lithuania's Finance Minister Rimantas Šadžius.

The Lithuanian government could collect more revenue from the value-added tax (VAT) by lowering the rate and thus cutting the black market, according to a SEB Bank economist.