Lithuania is bringing in one of the lowest corporate tax levies in the EU.
An amendment to the Law on Corporate Tax that was passed by Parliament on Wednesday and has reduced the 2010 corporate profit tax rate to 15 percent, down from 20 percent in 2009 (5 percent for small businesses, down from 13 percent in 2009.)
According to research carried out by the Ministry of Finance, these new rates will not have any significant adverse effects on tax receipts.
These tax reductions will promote entrepreneurship and, importantly, send a strong welcome signal to potential foreign investors.
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