The tax law of Lithuania has been modified to arrange for an exemption from real estate tax for an entity’s real property when the entity is involved in agricultural activities. The amendment will become effective from January 2014.
An exemption from real estate tax is introduced for entities with agricultural activities generating over 50% of the entity’s total income and this will not depend on whether or not the land is actually used to generate agriculturally related income.
Also, the real estate tax exemption is available when the land is used wholly or in part to produce income from agricultural activities or to create income of cooperative companies (cooperatives) from the sale of agricultural products acquired from their members.
