Lithuania finally adopts tax reform

  • 2005-06-08
  • From wire reports
VILNIUS - Parliament approved a cut in the income tax rate on June 7 that will slash 9 percentage points off the current level over a three-year period. A total of 92 MPs voted for the amendments, while four deputies cast their votes against, and seven MPs abstained.Income tax is currently 33 percent in Lithuania 's the highest in the Baltics 's and the first cut, of 6 percentage points, will go into effect July 1, 2006, and then another three points will be whittled off on Jan. 1, 2008, bringing the overall rate to 24 percent. To compensate for the loss, Parliament passed laws levying addi...
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