Seimas approves 2017 state budgetFREE

Thursday, December 22, 2016 18:33
After a full day of discussions, Lithuania's parliament on Thursday approved the 2017 state budget, with spending about 0.5 billion euros above the revenue. The budget was supported by 77 of Lithuania's 141 parliamentarians, with 27 against and 14 abstentions.

Alcoholic drink prices in Lithuania set to rise next MarchFREE

Thursday, December 22, 2016 13:57
The excise tax rate for strong alcoholic beverages will rise by 23 percent next March and that for wine and beer will surge by up to 112 percent, which will drive drinks prices up by up to 1 euro per bottle.

Lithuanians spend EUR 686 mln abroad in Q1-3, local tourists spend EUR 134 mlnFREE

Thursday, December 22, 2016 13:15
Vilnius airport welcoming 30th mln passenger
Vilniaus oro uosto nuotr.
Total spending by Lithuanian tourists in foreign countries rose by 9.6 percent in January through September 2016 year-on-year to 686.2 million euros, preliminary figures from Statistics Lithuania showed on Thursday.

Mayor hopes that Vilnius western bypass will improve traffic conditionsFREE

Tuesday, December 20, 2016 16:31
After opening the final stretch of the Vilnius western bypass on Tuesday, Vilnius Mayor Remigijus Šimašius said the 105 million euro section will help solve traffic jam issues in the northern part of the Lithuanian capital.

Seimas leaves reduced VAT on heating in place until next JuneFREE

Tuesday, December 20, 2016 14:59
The Lithuanian parliament has left the reduced 9-percent VAT rate on district heating in place until May 31, 2017, which means that district heating bills will not rise in January.

New Labour Code to come into force next JulyFREE

Tuesday, December 20, 2016 14:39
Lithuania's new Labour Code, which is part of the so-called social model package, will come into force next July.

Seimas likely to extend reduced VAT until next JuneFREE

Tuesday, December 20, 2016 10:06
The reduced 9-percent VAT rate on district heating will remain in place until next June, the chairman of the ruling Lithuanian Peasant and Green Union (LPGU) said on Monday, admitting that municipalities have forced them to drop, at least for now, the idea of raising the rate to the standard 21 percent.

President sees scrapping of reduced VAT on heating as untimely, improperFREE

Monday, December 19, 2016 16:06
Raising the reduced 9-percent VAT rate on district heating to the standard 21-percent rate is an untimely and improper move, Lithuanian President Dalia Grybauskaitė said on Monday.

New CEO expects to turn Lithuanian Railways into transparent companyFREE

Sunday, December 18, 2016 11:21
Mantas Bartuška, the new chief executive officer of Lietuvos Geležinkeliai (Lithuanian Railways, or LG), is confident that he will manage to turn the country's largest state-owned enterprise, which has recently come on the radar screen of law-enforcement, into a transparent company.

Lithuanians to spend more on Xmas gifts this yearFREE

Friday, December 16, 2016 13:17
People in Lithuania this year plan to spend slightly more money on Christmas gifts than they did last year, according to a survey commissioned by one of the country's largest banks.

Bartuška appointed as CEO of Lithuanian Railways, Švedas as board chairmanFREE

Friday, December 16, 2016 13:07
Mantas Bartuška, currently CEO of the state-run oil product and liquefied natural gas terminals operator Klaipėdos Nafta (Klaipėda Oil), has been appointed as a new CEO of Lietuvos Geležinkeliai (Lithuanian Railways, or LG) and Romas Švedas, an independent expert and a former energy minister, has been appointed as chairman of the state railway company's new management board.

Netherlands' GeoPhy setting up services centre in KaunasFREE

Thursday, December 15, 2016 23:42
Christmas tree in Kaunas
Kas vyksta Kaune nuotr.
GeoPhy, a Dutch big data company that collects, processes and analyses data on the global real estate market has set up an office in Kaunas. By mid-2017, the company plans to have recruited up to 25 experienced specialists who will be responsible for collecting and analysing data from all over the world. They will be doing this from Kaunas, GeoPhy announced in a press release.

New board of Lithuanian Railways appointedFREE

Wednesday, December 14, 2016 15:27
A new management board of the state railway company Lietuvos Geležinkeliai (Lithuanian Railways, or LG), which has lately come on the radar screen of law-enforcement, was appointed on Wednesday, the day when Rokas Masiulis took over the helm of the Transport Ministry.

New budget draft cuts govt sector deficit to 0.7% of GDPFREE

Wednesday, December 14, 2016 11:35
The improved 2017 budget of the central and municipal budget envisages that the deficit of the government sector will amount to 0.7 percent of the gross domestic product (GDP), 0.1 percentage points less than stipulated in the first draft.

PM expects improved social model to be passed by next JulyFREE

Tuesday, December 13, 2016 13:33
Lithuanian Prime Minister-designate Saulius Skvernelis expects that the so-called new social model, a package of legislation on labour market and social insurance reforms, will be improved and passed by next July to give six months to businesses and private individuals to prepare for the planned changes.

New PM says tax incentive for life insurance failed to achieve its goalsFREE

Tuesday, December 13, 2016 10:23
Lithuanian Prime Minister-designate Saulius Skvernelis says that the existing personal income tax incentive for life insurance has failed to achieve its goals and has to be reviewed.

VAT privileges for heating faulty - finmin-designateFREE

Monday, December 12, 2016 11:42
Lithuania's Finance Minister-Designate Vilius Šapoka says that value-added tax (VAT) privileges for heating of homes is a faulty scheme, which will, however, continue until the end of this heating season.

Half-hearted reforms won't raise competitiveness of the Baltic Region - SwedbankFREE

Thursday, December 8, 2016 12:34
Russia has exited recession and now all the Baltic Sea region (BSR) economies are expanding, but growth is expected to be modest. The global rise of populism and anti-establishment moods, although promising fiscal expansion that may boost short-term growth, builds up risks of protectionism with a negative impact on long-term growth, Swedbank writes in its annual Baltic Sea Region Report.

Specialized alcohol stores would wipe out small shops – small businessesFREE

Thursday, December 8, 2016 11:32
Small-scale entrepreneurs say they would go bankrupt, if alcohol was moved out of food stores to specialized shops, as proposed by Lithuania's new ruling Peasant and Green Union.