Businessman Nerijus Numavičius, Lithuania's richest man, has officially become a taxpayer in the United Kingdom, where he resides, and can choose which country gets his tax money, 15min.lt reports.
Nerijus Numavičius
© DELFI / Mindaugas Ažušilis

Numavičius, who is the majority shareholder of Vilniaus Prekyba Group and owns, among other things, Lithuania's biggest supermarket chain Maxima, has been a resident of the UK since July 2015. His income for the second half of 2015 will be subject to the Lithuanian-British double taxation treaty of 2002.

"Bearing in mind that, since July 2015, Numavičius' only family home has been in Great Britain where he permanently resides, he is considered a tax payer of Great Britain. So for this period, Numavičius is a tax payer in both countries," the businessman's lawyer Olga Petroševičienė has told 15min.lt.

The treaty between Lithuania and the United Kingdom is intended to avoid double taxation.

Companies of Vilniaus Prekyba Group conduct most of their business in Lithuania. However, the Maxima supermarket chain and Akropolis shopping malls are owned by holdings registered in Luxembourg, Malta and other countries.

"I think things won't change in this case. Taxes on the dividends from the holding companies will be paid in other countries, while Lithuania will receive certificates that taxes have been paid. Even though the main part of the business is conducted here," Danguolė Pranckėnienė, vice-president of the Lithuanian Association of Accountants and Auditors, told 15min.lt.

She added that the country should fight harder to have taxes on profits made in Lithuania paid here.

Leave a comment
or for anonymous commenting click here
By posting, you agree to terms
Read comments Read comments

Israeli cloud services integrator chooses Vilnius for European base

TeraSky, a leading Israeli cloud solutions integrator, has just announced the opening of its European...

The popular French fashion brand „Gémo“ enters the Baltic States: first store in Lithuania – in 2019

The popular French fashion brand „Gémo“ entered the Baltic States - the first regional store was...

International investors discover Šiauliai

In recent years, Lithuania has seen a large influx of foreign investors. Whereas Vilnius and Kaunas...

Hungary may consider buying gas from Lithuania - president

Hungarian President Janos Ader said on Tuesday that his country might consider buying liquefied gas...

New global sales trends have not bypassed Lithuania: “Pigu.lt” has announced two-week sale festival

Traditionally, November is a very busy month for global trade sector as everybody looks forward to new...