Lithuania Gazettes Law Amending Income Tax Law

The Lithuanian Official Gazette Dec. 15 published Law No. XIV-726, amending the income tax law. The law includes measures: 1) applying the temporary additional 5 percent corporate income tax on bank and credit union profits exceeding 2 million euros (US$2.25 million) for 2022 and subsequent tax periods, effective July 1, 2022; 2) providing income tax exemption incentives for qualified large investment projects with investment contracts concluded by Dec. 31, 2025, for 2023 and subsequent tax periods; and 3) amending the tax treatment of hybrid entities’ income, for 2023 and subsequent tax periods. The law generally takes effect Jan. 1, 2023. ...