Lithuania Parliament Considers Bill to Amend Real Estate Tax Law

TThe Lithuanian Parliament (Seimas) April 16 accepted for consideration Bill No. 25-6746, to amend the Real Estate Tax Law. The bill includes measures to: 1) specify what constitutes abandoned or unmaintained real estate; 2) establish tax rates ranging from 0.5 percent to 3 percent of the property’s tax value, based on the specified criteria; 3) specify which types of immovable property are exempt from tax; 4) clarify the property valuation methods for various types of property, and the process for contesting valuations; 5) explain the tax calculation, declaration, and payment procedures, including document requirements; and 6) impose penalties for noncompliance. ...