Lithuania's Finance Minister-Designate Vilius Šapoka says that value-added tax (VAT) privileges for heating of homes is a faulty scheme, which will, however, continue until the end of this heating season.
VAT exemption
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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.
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 ...
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 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.
On Thursday, 11 June, Lithuania's Constitutional Court ruled that legal regulations that distribute personal income tax (PIT) to municipal budgets contravened the Constitution. Only 40 percent of PIT used to be transferred to Vilnius City Municipality based on these regulations. The Vilnius authorit...
Lithuanian Prime Minister Algirdas Butkevičius says that the ruling coalition has left room for populism in the future when it rejected proposals to lift VAT exemption on heating. He says that the coalition should deliberate whether it has enough political will to admit that the VAT exemption should...
Member of Parliament Mečislovas Zasčiurinskas has criticised the government's plans to revoke the reduced VAT rate on heating next year.
According to opinion polls, the Lithuanian public is growing increasingly pessimistic about the country's economic outlook. This, says economist Žygimantas Mauricas, has a lot to do with the economic stand-off between the European Union and Russia as well as fears about the euro adoption.
Social Democrat member of the Seimas Birutė Vesaitė is against the plans to lift the VAT exemption on heating.
