Value Added Tax

Raising corporate tax for large businesses could be a solution to finance defence needs, says Social Democratic Party leader Vilija Blinkevičiūtė, rejecting proposals to increase the value added tax (VAT) rate as harmful to low-income earners.

Lithuanian will apply a reduced VAT rate of 5 percent on electronic media – newspapers, magazines and other periodicals – from January 2021, a move that will cost the state budget around a million euros in lost revenue yearly.

The value added tax will remain 21 percent in Lithuania after the country's parliament on Thursday rejected the liberals' initiative to cut it to 18 percent from 2020, a level that was before the 2009 crisis.

Lithuania's government discussed at a closed meeting on Monday the draft tax reform prepared by the Finance Ministry, sources told BNS.

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.

With about six months left to the next general election, cutting taxes is all the rage in the Lithuanian parliament. MPs have submitted several bills suggesting cutting value-added tax (VAT). Some proposals have been discussed more extensively than others, but there is still no clear agreement on a ...

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.

Lithuania's ruling coalition has postponed a decision on cutting value-added tax (VAT) on basic food products until after the Finance Ministry estimates the measure's impact of public finances.

The currently existing value-added tax (VAT) of 21 percent can stand to be reduced, believes Prime Minister Algirdas Butkevičius.

The Lithuanian parliament is to consider value-added tax (VAT) exemptions for food staples in a bid to dissuade Lithuanian shoppers from going to shop in Poland.

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.

The level of VAT revenue collected in Lithuania is well below that which could be collected, the European Commission has said.

Prime Minister Algirdas Butkevičius has assured that the government of Lithuania is not planning to propose any new tax laws in the nearest future.

The Seimas of Lithuania has closed its fifth ordinary autumn session with 45 plenary sittings held from 10 September to 23 December and around 360 laws, 65 resolutions and 5 other legal acts adopted, the press service of the Seimas said.