aA
The Parliament (Seimas) of the Republic of Lithuania has adopted a package of investment and corporate tax laws, which offers a new instrument aimed at attracting large investments of local and foreign capital. The package of laws, also known as the ‘green corridor for investment’, provides for much faster and simpler establishment procedures for investors as well as incentives for municipalities hosting investors. It is a regional development-oriented initiative aimed at promoting investment across Lithuania.
Lithuania gives the green light to large-scale investors with sweeping reforms
© DELFI / Domantas Pipas

‘We plan that these major changes in the regulation of investment will lead to the creation of 2000 new jobs throughout Lithuania within 5 years, including also the remote regions of the country. Our goal is to attract foreign direct investment projects that create many jobs and bring large investments, as well as offer additional incentives for Lithuanian businesses that wish to expand,’ says Minister of Energy acting Minister of the Economy and Innovation Žygimantas Vaičiūnas.

Amendments to these laws are important in increasing Lithuania’s ability to compete with other states for attracting large investments.

According to Minister Vaičiūnas, the abovesaid instrument will create opportunities for Lithuania to successfully compete with other countries for attracting and maintaining investments and gain an additional advantage: we will be able to both apply the corporate tax incentive and also create conditions for investors to benefit from faster procedures in the areas of territorial planning, construction, land use, migration and others.

‘When competing for productive investment, appropriate regulation combined with the developed infrastructure is among the key needs of investors and advantages countries may offer. The adoption of the investment and corporate Income tax package will strengthen Lithuania’s ability to attract manufacturing companies which are coming back to Europe from Asia and to redistribute the supply chains. The neighbours of our region have long been committed to large investments, which in fact means competitive incentives. We must keep up by seeking further improvement of the national investment environment if we are to overtake our competitors and attract big projects and players like Continental, Hella or Holllister,’ says Mantas Katinas, Head of the foreign investment promotion agency Invest Lithuania.

Projects can be implemented in any region of Lithuania, therefore, this incentive is important in promoting the development of the country’s regions. The implementation of large projects has a significant impact on the country’s economy: taxes are paid, local suppliers’ goods and services are purchased and high value-added jobs are created. Large projects increase productivity levels and create higher value-added products, which promote economic progress.

The legislation package for green corridor investments includes amendments to the Law on Investments, the Law on the Legal Status of Aliens, the Law on Territorial Planning, the Law on Employment, the Law on Land, the Law on Environmental Impact Assessment of Planned Economic Activity and the Law on Corporate Tax.

DELFI EN
It is forbidden to copy the text of this publication without a written permission from DELFI.
|Populiariausi straipsniai ir video

Skvernelis: no plans to put economy on hold if 2nd coronavirus wave comes (2)

The whole economy or its individual sectors in Lithuania will not be put on hold if a second...

Lithuania plans to establish anti-money laundering competence center

Lithuania plans to establish an anti-money laundering competence center as the Nordic and Baltic...

Minister: direct EU payments to farmers should be capped at EUR 100,000

Direct EU payments to Lithuanian farmer s in 2021-2027 should be capped at 100,000 euros,...

To start or not to start fintech company during recession?

Microsoft, IBM, HP, Disney, FedEx, 3M. What do these companies have in common? They started their...

Lithuania asks Slovenia to hand over detained businessman Kucinskas

Lithuania's Prosecutor General's Office has asked Slovenia to hand over Vidmantas Kucinskas , the...

Top news

Lithuania extends border controls at air, sea ports until mid-September

Lithuania extended on Wednesday border controls at international airports and the seaport of...

Skvernelis: Lithuanian bodies ready to respond to tensions on border with Belarus

Lithuania's authorities are ready to respond to possible tensions on the border with Belarus and are...

Belarusians allowed unrestricted entry to Belarusians 'for humanitarian purposes'

Lithuania is lifting coronavirus travel restrictions for foreign students and investors, and people...

Analyst: Tikhanovskaya fled to Vilnius, a logical choice, for safety reasons

Svetlana Tikhanovskaya , the leading opposition candidate in Belarus' presidential election, fled her...

Party leaders open up on how Lithuania should respond to events in Belarus

A wave of bloody protests was set off by the Belarusian government announcement that President...

|Maža didelių žinių kaina