New tax to trim foreign investments

VILNIUS (BNS) - A new tax on foreign loan interest, in effect Jan. 1, requires foreign investors to give up part of their investment plans in Lithuania.The Lithuanian government explains the move by the necessity to reduce the current account deficit which amounted to 13 percent of the country's GDP in the first nine months of 1998. The annual current account deficit is forecast not to exceed 13 percent.Baltijos Automobiliu Technika, a subsidiary of Germany's Siemens, which produces wire sets fo ...

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