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New measures for major investors approved by Lithuanian Parliament
The Lithuanian Seimas adopted amendments to the country’s investment law, which will allow big investors to benefit from an exemption to the profit tax for 20 years, as well as make it easier to secure permits for construction or work permits for foreign employees, 15min.lt reports.
The amendment to the investment law in question, which obliges big investors to sign appropriate investment contracts, was passed by an overwhelming majority of 105 members of the Seimas. It is expected that the newly amended criteria will allow the country to attract more investors to the whole country.
Žygimantas Vaičiūnas, the Acting Minister of the Economy and Innovation, told the BNS news agency that the changes will improve the investment environment in Lithuania. “It should improve our competitiveness in the region,” he said. “The affected investors will benefit from faster procedures when it comes to receiving construction permits, permission to employ foreigners, as well as the right to not pay the profit tax for 20 years.”
The special terms and conditions for big projects will only apply when they are agreed upon in the investment contract.
Investors from the data processing, internet server service, and manufacturing industries will be eligible to benefit from the new amendment in most regions of Lithuania if the amount invested reaches or exceeds 20 million EUR and creates at least 150 jobs. On the other hand, investments will need to exceed 30 million EUR and 200 jobs created in the city of Vilnius.
Additionally, the Seimas ordered governmental institutions that provide services to companies operating out of Free Economic Zones to expedite their processes to 3 days at most when relevant companies are involved. People employed by big investors or companies operating out of FEZs will be able to take advantage of some services several times faster than normal, including receiving permits to live in Lithuania, as well as expedited land plot forming, and reorganization project preparation and review.