The Ministry of Finance proposes more favourable conditions for business cooperation between Lithuania and Taiwan
Today, the Government approved the draft Law on the Elimination of Double Taxation and the Prevention of Tax Evasion and Avoidance prepared by the Ministry of Finance, which proposes to consolidate the agreement between Lithuania and Taiwan not to apply double taxation to business, thereby creating more favourable conditions for business development for entrepreneurs from both countries.
"We are implementing this Government's ambition to strengthen cooperation with Taiwan and propose decisions so that both Lithuanian and partner businesses have better opportunities to cooperate and expand. The Lithuanian business has ambitious plans, and the decision not to apply double taxation will contribute to their smoother implementation and wider cooperation. We believe that this policy will be continued by the new Government, which soon will take office," says Finance Minister Gintarė Skaistė.
The double taxation avoidance provisions for income relating to a territory subject to Taiwanese tax laws would be applied on a reciprocity basis.
Today, 58 double taxation agreements apply in Lithuania. In parallel, a draft denunciation of the Convention between the Governments of Lithuania and russia for the Elimination of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and Capital was prepared and adopted by the Seimas on 1 October 2024.