On 26 May 2021, the Lithuanian government has approved the revised draft State budget for 2021 including certain support tax measures due to COVID-19 pandemic. Business that incurred losses in the period 2020 can utilize losses to offset taxable profit for the 2019 tax period. The budget also allows further extension of tax deferral payment of taxes without incurring interest until 31 August 2021.
«
Previous post
OECD welcomes Costa Rica as its 38th Member
OECD welcomes Costa Rica as its 38th Member
Related Posts
Lithuania considers increasing preferential VAT rate to 12%
March 10, 2025
Lithuanian Prime Minister Gintautas Paluckas has confirmed that the Government is considering increasing the preferential rate of value-added tax (VAT) from 9% to 12%. The 21% standard VAT rate and the 5% super-reduced rate will remain
Read More
Lithuania plans further CIT rate hike
March 04, 2025
Lithuania is planning to further increase the corporate income tax rate (CIT), which could rise to 17%–18% from 16%. "The corporate tax could certainly be increased by 1 or even 2 percentage points. This would not reduce our business
Read More Lithuania: Parliament proposes phased increase in VAT registration threshold
February 27, 2025
Lithuania’s parliament (Seimas) has recently proposed an alternative draft bill for the phased increase in the value-added tax (VAT) registration threshold, which would take effect on 23 February 2025. The current threshold of EUR 45,000 would
Read More Lithuania expands deductible corporate gift expenses
February 25, 2025
Lithuania's tax authority expanded the range of corporate gifts eligible for tax deductions as representational expenses, effective 17 February 2025. The updated regulations now include items such as sweets, edible gift sets, and alcoholic
Read More Lithuania: Government approves VAT Law amendments to align with EU Directive
February 25, 2025
The Lithuanian government approved amendments to the VAT Law to incorporate provisions of EU Directive 2022/542. Lithuanian Prime Minister Gintautas Paluckas made this announcement on 12 February 2025. Earlier, the Ministry of Finance has made
Read More Lithuania: Government approves draft law to implement EU VAT scheme for small businesses
February 18, 2025
The Government of Lithuania approved the draft Law prepared by the Ministry of Finance on 5 February 2025, which proposes to transpose the new provisions of the European Union (EU) legislation adopted in the field of value added tax (VAT) that are
Read More