Taxes in Lithuania?
Question
Leave an answer
BalticLegal
Register Now
If You're New to this Website - Create an Account for 100% Free !!
Answer ( 1 )
The Republic of Lithuania implements a business-friendly taxation policy, and the taxation system is adapted to the legislation of the European Union. Since 1990, the Lithuania’s taxation system has drastically changed to support foreign investments and labour market development.
Taxes and other payments are collected to the budget based on the order by the Supreme Council; however, regional and city councils act separately in matters of tax collection. In Lithuania, basic principles of tax payment and their regulation is governed by the Law on Tax Administration stipulating the rights and obligations of a tax administrator and tax payer, as well as the tax calculation procedure and chargeable amounts.
There are 7 main types of taxes in Lithuania:
The state collects also social insurance contributions, taxes on state natural resources, petroleum and natural gas resources tax, tax on environmental pollution, consular fees, state fees.