Protocol of Intent on Double Taxation Avoidance Agreement signed in Vietnam
During his visit to Vietnam, Vice-Minister of Finance Januš Kizenevič signed a Letter of Intent on Double Taxation Treaty with Vietnam.
The essence of this agreement is to establish the rules for sharing income taxation rights, elimination of double taxation, and principles of tax cooperation, thus ensuring legal certainty regarding the taxation of income received by residents and companies of Lithuania and Vietnam in another Party of the Agreement.
"We need to make it easier for businesses to find new markets in order to avoid additional costs and bureaucracy labyrinths at least in the initial phase of business creation and development in Vietnam. The discovery of new markets is particularly important in today's dynamic and challenging geopolitical situation," Vice-Minister of Finance Januš Kizenevič stressed the importance of strengthening economic ties.
In Vietnam, together with the delegation of the President of the Republic of Lithuania and members of the Government, the Vice-Minister of Finance also participated in a meeting with President of Vietnam Luong Cuong, took part in a panel discussion on innovation and digitalisation.