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Income tax exception became applicable for service companies

Lithuania is to attract IT, business process outsourcing, financial and other services enterprises to free economic zones (FEZs). Due to decision of Parliament of the Republic of Lithuania capital investment of service companies will have to exceed EUR 100 000 and employ at least 20 full time employees to receive incentives.

Small service enterprises operating in free economic zones (FEZs) and fitting capital investment and employment requirements will be also allowed not to pay income tax for six years.Before the amendment to the law, companies in order to get FEZ tax incentives, have to invest at least EUR 1 million.

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Investors' Forum Addressed New Coalition's Leaders

On 7th November 2016 Investors' Forum addressed the leaders of newly formed government coalition regarding new Labour code. Investors' Forum called to allow Labour Code into force on 1st January, 2017. We argue that public statements by politicians to postopne the entry on the new law will have a negative impact on both business and the international image of Lithuania. 

5 Reasons do not Postpone Enforcement of the New Labor Code

 

Investors' Forum invites Seimas to let the new Labor Code into force on the 1st January 2017.  According to the leaders of the association, political statements about the possibility to postpone the enforcement of the new law will definitely have a negative impact on both businesses and the international image of Lithuania.

"On the one hand, many companies which operates or plan its operations in Lithuania, have devoted time and resources to prepare their activities under the new law. Therefore, inconsistent or inconsiderate behavior of the government may result in loss of business. On the other hand, such actions generally do not promote investors’ confidence in the state, because the strategic laws are changed and delayed even before they come into the force“, says Rolandas Valiunas, Chairman of the Investors’ Forum Board.

Investors’ Forum identified the most important reasons why the new Labor Code should come into the force at the beginning of the new year.

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Transparency initiative “Jonvabaliai.lt” promoting integrity among EU-funded projects in Lithuania received the EU “RegioStars 2016” award.

Transparency initiative “Jonvabaliai.lt” promoting integrity among EU-funded projects in Lithuania received the EU “RegioStars 2016” award. The initiative “Jonvabaliai.lt already helped implementing organizations to publicly report for 655.55  million EUR of EU funds.

The aim of  “Jonvabaliai.lt” is to encourage organizations which had received EU funding to publicly report on implemented projects and also to encourage the Lithuanian public to independently evaluate their work and transparency. This is a first such initiative to have been implemented in the region.

 

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Seimas‘ Decision will Stimulate Economic Growth of Lithuania

Retiring Lithuanian Parliament (Seimas) has made a wise decision that will affect the economic development of Lithuania for the upcoming decades. Investors’ Forum welcomes a unified political decision to reject the President's veto for the new Labour Code and approval of a compromised both for workers and employers’ act, which was adopted in June.

According Rolandas Valiunas, Chairman of the Investors' Forum Board, "although there are disadvantages in the new Labour Code, it is a big step forward for the whole Lithuania and both its employees and employers. This is also a good news for investors: Lithuanian labor relations will be advanced and formed to increase creation of new jobs and business development in our country. Since it depends on the public welfare, during the last decade Lithuania has felt the benefits brought by foreign investors, the impact of foreign capital to the country's economic growth, creation of new jobs and the importance of a favorable environment for business development”.

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Elections 2016. Are business expectations reflected in political party platforms?

On the 12th September, Lithuanian Business Council invited politicians for the discussion on their political party programs and business needs. Rolandas Valiunas, Chairman of Investors' Forum, presented business expectations for the political parties and expressed the sense of common political commitment to reject President's veto for the new labor code, which is one of the main instrument to increase the country's competitiveness and job creation.

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Baltic investors forum

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LT-01121 Vilnius, Lithuania

Tel.: (+370 5) 275 52 58

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