Lithuania's government plans to recover 200 million euros from the shadow next year in an effort to reduce the scope of shadow economy, Prime Minister Saulius Skvernelis siad on Monday.
© DELFI / Karolina Pansevič

In a presentation of projected tax reform to the public on Monday, the government will give businesses and residents a window to pay “forgotten” taxes without fines and interest for delay.

"We will improve conditiosn for legal operations, while conditions for companies engaged in illegal operations will deteriorate. We expect to collect an additional 200 million euros from the shadow next year. This will be done by way of strict sanctions and other instruments, for instance, a possibility to reduce the residents' income tax and a possibility for businesses to pay the taxes they had forgotten within a six-month period, which will be given to reconciliate with the state without any fines or interest," the prime minister told the news conference.

In his words, the companies paying taxes improperly will be barred from public procurement tenders and will face difficulties when aiming to get loans from banks.

Residents will be encourage to purchase repairs, construction and other services with official bookkeeping, with a possibility to recover some of their income tax for the spending on these services.

BNS
It is prohibited to copy and republish the text of this publication without a written permission from UAB „BNS“.

Government to mull merging three state research institutes

The Lithuanian government will on Wednesday consider merging three state research institutes into one.

Monaco-registered company picks Klaipeda FEZ for its new R&D and manufacturing unit

Monaco-registered GRH International has decided to establish its new R&D and manufacturing unit...

Nauseda will ask for significant EU funding for climate goals

Lithuanian President Gitanas Nauseda , currently in Brussels, said on Friday he would seek to ensure...

Over EUR 11 mln offered for central post building in Vilnius

11.22 million euros has been offered for the historic central post office building in central...

Lithuania gets message on Belarus' N-plant included in EU climate change plan

Lithuania managed to get an indirect message to Belarus on safety standards at its...