Lithuania Tax Agency Issues Updated Summary Explanation on Corporate Income Tax Act

The Lithuanian State Tax Inspectorate March 18 posted a summary explanation on the Corporate Income Tax Act. The updated summary explanation includes that: 1) an exemption applies if a Lithuanian legal entity with unlimited civil liability, from which a Lithuanian unit receives profits, meets the criteria for a corporate income tax payer; 2) the income of such a Lithuanian legal entity with unlimited civil liability and subject to corporate income tax, is considered income which, in calculating corporate income tax, isn’t included in nontaxable income; 3) dividends that a Lithuanian legal entity with unlimited civil liability receives and redistributes are ...