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.
‘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.
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