The Lithuanian government has approved a resolution to establish the State Defense Fund, accompanied by several tax increases.
The measures, set to take effect on 1 January 2025, include extending the temporary solidarity contribution on banks until 31 December 2025, increasing the standard corporate tax rate from 15% to 16% and raising the corporate tax rate for small companies from 5% to 6%.
Additionally, excise duties on alcohol, tobacco, gasoline, diesel and other fuels will be increased, along with a new 10% contribution on insurance contracts, excluding life and civil liability insurance for individuals.