Lithuania's central government and municipalities collected €1.132 billion in taxes over January-February 2016, exceeding the target by €25.1 million, or 2.3%, the Finance Ministry said.
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The Electoral Action of Poles in Lithuania (EAPL), a political party representing Lithuania's Polish minority, has suggested implementing new taxes on bank assets and major retail chains' turnover based on similar moves in Poland.
Lithuania is raising excise duty on tobacco and alcohol as of March 1. The government expects the levy to bring in additional €15 million to state coffers.
The number of Lithuanians being able to buy property purely in cash has been steadily multiplying in the last few years – in fact it is hard to imagine how many Lithuanians have been buying a home or apartment using cash - but such luxurious purchases may now have serious consequences.
The government has given the go-ahead for Lithuanian tax authorities to start scrutinising Lithuanians' bank accounts for tax evasion and unaccountable sources of income as the State Tax Inspectorate also announced all citizens had until the end of June this year to declare all gifts and undeclared ...
Neringa, the municipality located on Lithuania's picturesque Curonian Spit, has become a Mecca for the country's rich and famous. However, second home owners, who spend most of the year in Vilnius and other major cities, are a mixed blessing for the beautiful region.
International companies like Google are making deeper inroads into the economies of the Baltic states, but they still choose to pay taxes in European Union countries with more favourable tax conditions.
This January, the national budget and municipal authorities collected 2% (€12.1 million) more tax revenue than planned and 7.1% (€41 million) more than in the same period last year, according to the preliminary data of the Ministry of Finance.
A reduced value-added tax (VAT) rate should apply to basic food products, according to a new bill being proposed by a Labour Party MP.
Even though Lithuania is not introducing any new levies this year, the country's tax authorities are planning to increase revenues by going after businesses and individuals who use inventive tax planning strategies or use company accounts to buy goods for personal use.
About one tenth of all Lithuanian bank accounts will be scrutinised by the State Tax Inspectorate under a new law that requires banks to share information about depositors with tax authorities.
Lithuania will not introduce progressive taxation because there are too few high-earners, according to the country's social democrat Prime Minister Algirdas Butkevičius.
Seimas Speaker Loreta Graužinienė has said she opposes recent proposals to have all commercial banks share information about account holders with the State Tax Inspectorate (VMI).
Drivers in all 28 EU member states, including Lithuania, may be forced to pay a special refugee tax for each litre of fuel purchased at gas stations.
In an effort to fight tax evasion, Lithuania's Finance Ministry wants to have banks share data on all account holders who have over €5,000 in their accounts.
Increased efforts to tackle tax evasion and the black market led to a significant increase in tax revenues for the Lithuanian government in 2015, according to Prime Minister Algirdas Butkevičius.
After the Constitutional Court approved a change to real estate tax codes last fall, real estate tax revenue dipped by a third from more than €1.5 million to half a million.
Achema, the Lithuanian fertilizer and industrial chemicals producer, has paid €31.34 million in gas taxes that it had previously contested. The company says it will continue the legal battle with the state over the issue.
Lithuania's Social Democratic Party needs to run on a truly social democratic platform, centred around a reformed and fairer tax system and social services in this year’s elections ,according to European Commissioner Vytenis Andriukaitis.
The Seimas, the Parliament of Lithuania, has rejected the initiative to introduce progressive taxation.
