CORPORATE

Lithuanian banking profits fell by one fifth

Profit margins of major banks in Lithuania have fallen by about one fifth in 2015, a result of one-off factors like Lithuania’s accession to the euro zone and quantitative easing policies that have cut interest rates, Verslo Žinios reports. […]

State Tax Inspectorate (VMI)
CORPORATE

Where is all money for cash purchases of Lithuanian property coming from?

The number of Lithuanians being able to buy property purely in cash has been steadily multiplying in the last few years – in fact it is hard to imagine how many Lithuanians have been buying a home or apartment using cash – but such luxurious purchases may now have serious consequences. […]

State Tax Inspectorate (VMI)
CORPORATE

Tax authorities start trawl of citizens bank accounts for tax evasion

The government has given the go-ahead for Lithuanian tax authorities to start scrutinising Lithuanians’ bank accounts for tax evasion and unaccountable sources of income as the State Tax Inspectorate also announced all citizens had until the end of June this year to declare all gifts and undeclared loans since 2004 used to make purchases of over €15,000 or face a retrospective tax of 15% on the gifts. […]

Economy

Lithuanians ‘missing out on lower interest rates by ignoring credit history’

Almost half of all Lithuanians have taken out loans or bought something on credit, but very few take an interest in their credit histories, something that may force them to pay higher interest rates on future loans, experts say. […]

Social Insurance Fund headquarters
Economy

Lithuanian government extends €420m loan to state social insurance fund

The Lithuanian government has agreed to extend a €420 million interest-free loan to Lithuania‘s social insurance fund, the Sodra, to help it “balance cash flows”. […]