Lithuanian Corporate Income Tax Changes since September 1st, 2012
Lithuanian Parliament (Seimas) on June 29th, 2012 adopted few changes of the Law on Corporate Income Tax. These changes come into force on 1st September 2012 and are related to the new Lithuanian Law on Small Communities coming into force on the same day. A small community is an absolutely new legal form of a legal person which has been created to facilitate establishment of small and medium business.
As follows, the Law on Corporate Income Tax has been supplemented by provision that amount from which social insurance contributions of a member of the small community are counted and paid, are attributed to allowed deductions. A member's of the small community trip from a permanent work place to perform work tasks or to raise qualification, if properly formalized, is considered as a business trip.
Amendments adopted on June 29th, 2012 and announced on 14th July, 2012.