On 3 September 2024, Lithuania’s Ministry of Economy and Innovation announced the signing of an income tax treaty with Taiwan, which occurred in August. This treaty marks the first formal agreement of its kind between Lithuania and Taiwan, aimed at preventing double taxation and discouraging tax evasion.

In order to attract foreign investments to Lithuania and promote international cooperation, the partnership with Taiwan is further strengthened. For this purpose, Vice Minister of Economy and Innovation Karolis Žemaitis will visit Taiwan, where he will meet with representatives of leading science and technology sector companies and potential investors.

“By combining the potential and available experience of Lithuania and Taiwan, we are consistently looking for ways to establish new cooperation opportunities for our businesses. Not long ago, an important step was taken – an extremely significant agreement on the avoidance of double taxation was signed, which will open the door to greater investments and create more favorable conditions for business development. Therefore, we are currently having a purposeful discussion about investment opportunities”, says Deputy Minister of Economy and Innovation K. Ĺ˝emaitis.

In August of this year, representatives of the Lithuanian Trade Representation in Taipei and the Taiwanese Representation in Lithuania signed an agreement on avoiding double taxation of income and capital and prevention of tax evasion. This will help ensure a fairer tax system and increase competitiveness in the international market. In the near future, the Ministry of Finance will prepare amendments to the legal acts establishing this.

Vice Minister of Economy and Innovation K. Žemaitis will meet with a laser business delegation, as well as representatives of several Taiwanese banks and leading companies, during his visit to Taiwan on September 3-6. Representatives of Lithuanian laser companies are also going to Taiwan, and they will participate in the semiconductor exhibition together.

Meetings with representatives of the Ministry of Digital Affairs and the Ministry of Economy are also planned. These meetings are intended to discuss possible directions for strengthening cooperation.

The treaty will come into effect following the exchange of ratification instruments, with specific details set to be published later.