The Lithuanian government will next week unveil "unprecedented" measures to counter the shadow economy, Finance Minister Vilius Šapoka said on Thursday.
© DELFI / Karolina Pansevič

"On Monday, we will present measures to combat the shadow (economy) that will be unprecedented and will make it disadvantageous to stay in the shadow," he said on the Žinių Radijas radio station.

Šapoka would disclose no further details about the proposed measures.

The minister said in February that curtailing the shadow economy might open the way for lowering taxes.

Based on different estimates, Lithuania's shadow economy accounts for between 15 and 30 percent of GDP.

The government is currently finalizing its work on structural reform measures that will cover an overhaul of the tax and pension system, certain innovation, education and healthcare changes, and new steps to cut down on the shadow economy.

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

Economist: recession might probably happen in 10 years

A financial crisis in Europe might happen in ten years at the earliest, the Swedish financial...

Executives of two dairies slapped with fines for market abuses

The board of the Bank of Lithuania has imposed a fine of 200,000 euros on Linas Strelis, a member of...

Telecoms operators watching situation regarding Huawei

Following Google 's announcement that it has severed relations with Huawei , seen by Washington as a...

Swedbank's pension funds invest EUR 200 mln into sustainable business

Pension funds managed by the Swedbank financial group are investing 200 million euros, or a sixth...

Belarus complains: Lithuania's blocking Minsk-EU agreement

Belarusian representatives complained in Brussels last week that Lithuania is blocking the...