Media: Business groups in Lithuania pay a fifth of profit tax

According to “Verslo žinios”, multinational groups with local and foreign capital in Lithuania pay one fifth of the total profit tax collected in the budget, which is similar to the Czech Republic, more than Latvia (13%), but significantly less than Finland (32%), Germany (45%) or Ireland (95%).

From next year, the European Union directive will come into force, forcing Lithuania and other EU states to apply a minimum profit tax of 15 percent.

As published by “Verslo žinios”, the Ministry of Finance states that, based on preliminary calculations, a small positive fiscal impact on corporate tax revenues can be expected, amounting to about 0.06 percent. GDP would equal around 2.5 percent. the income collected from corporate tax last year, which would amount to around 36 million euros.

In 2022, Lithuanian budget revenue from profit tax amounted to 1.42 billion. euros, and in 2024 it is expected to collect 1.81 billion. euros, or 10.6 percent. of all state budget revenues.

Source: The Delfi

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