aA
Orlen Lietuva profits jumped to €217 million last year after a loss of €109 million in 2014 yet the company paid significantly less in taxes Lithuania last year than it did in 2014.
Orlen Lietuva profits jump but company pays €80m less tax
© DELFI / Kiril Čachovskij

In 2014 Mažeikiai oil refinery suffered a €109 million loss, but last year the decrease in oil prices and higher margins in refining allowed the company to earn a substantial profit. However, according to the State Tax Inspectorate, Orlen Lietuva has paid €309.7 million in tax in 2015 down from the €384.5 million the plant paid in 2014.

Marius Dubnikovas, the head of the Tax group at the Lithuanian Business Confederation thinks that the lower sum of tax is associated with a significant decrease in fuel prices.

“Fuel prices declined, so the budget collected less VAT because it leads to lower prices. In 2014 diesel cost was five litas per litre, now the price is less than one euro per litre (3.45 litas),” said Dubnikovas.

Lrytas.lt

|Populiariausi straipsniai ir video

Self-isolation required for arrivals from 58 worst hit countries

The Ministry of Health has updated the list of countries most affected by coronavirus infection...

Media watchdog bans Russian broadcaster RT (2)

The Radio and Television Commission of Lithuania (LRTK) on Wednesday banned Russia's broadcaster RT...

10 new coronavirus cases

On Tuesday, 10 new COVID-19 cases were confirmed in Lithuania. All of them imported or from already...

Lithuania set to purchase COVID-19 drug remdesivir

Lithuania plans to purchase remdesivir , an antiviral drug used for the treatment of COVID-19 , the...

Franciscan monk in Kretinga tests positive for coronavirus

A Franciscan monk living in a Franciscan monastery in Kretinga, Western Lithuania, had tested positive...

Top news

Media watchdog bans Russian broadcaster RT (2)

The Radio and Television Commission of Lithuania (LRTK) on Wednesday banned Russia's broadcaster RT...

First complaint from business over lockdown restrictions reaches court (1)

Lithuanian business representatives on Wednesday lodged a complaint before a court seeking remedy...

Self-isolation required for arrivals from 58 worst hit countries

The Ministry of Health has updated the list of countries most affected by coronavirus infection...

10 new coronavirus cases

On Tuesday, 10 new COVID-19 cases were confirmed in Lithuania. All of them imported or from already...

Vilnius centre becomes art gallery

Lithuanian capital Vilnius has turned its centre into an open-air art gallery . The outdoor...

|Maža didelių žinių kaina