Lithuanian Parliament Gives Initial Approval for Tax Reform

On 27 June 2023, the Lithuanian parliament (Seimas) gave initial approval in the first hearing for a tax reform package presented by the finance minister. Some of the main reform measures include:

• Amending the personal income tax rates as follows, with the removal of the current 32% tax rate that applies for certain income above EUR 101,094 (for 2023):
  • a 20% tax rate on employment income;
  • a 20% tax rate on income received from individual activity that would be phased in with a 15% rate in 20…