Lithuania is situated in northeast Europe and is one of the
so-called Baltic States. It shares borders with Latvia, Belarus,
Poland and Russia, the last-named in the form of an enclave
sandwiched between Lithuania and Poland.
Lithuania joined the European Union in May, 2004 but retains
its own currency, the Litas (LTL). The Litas is pegged to
the Euro and the government hopes to adopt the Euro by 2013.
Lithuania’s economy maintained steady growth between
2004 and 2007, with GDP growth averaging 8% during this period.
Growth fell to 3.1% in 2008, when GDP stood at USD64.52 billion
(or USD18,100 per capita), and contracted by 15% in 2009 (when
GDP stood at USD54.84 billion (or USD15,400). It is projected
that the economy will shrink further in 2010 before returning
to growth in 2011/2012.
Governments must now gear their economies towards jobs, international competitiveness
and increasing the tax-take, the Organization for Economic Cooperation and Development has said in its latest ‘Going for
Growth’ report, analyzing the next step for recovering economies. RSS
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The Organisation for Economic Co-operation and Development has released for public comment draft documentation and an implementation package for implementing a streamlined procedure for portfolio investors to claim reductions in withholding rates pursuant to tax treaties or domestic law in the source country.
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The European Commission has published a progress report on member states Malta,
Lithuania, Latvia and Hungary, with respect to their efforts to reduce their state
deficits. RSS
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Updates
Just wondering if anyone had any tips on getting clients to pay up in a timely fashion?
Am a freelance writer, with a number of regular gigs with online and offline publications, but, with a couple of exceptions - which have just about kept my head above water some months - they're all pretty awful at paying up on time. The payments trickle through eventually, but often not without pushing from me.
It's really getting me down, and may well end up sinking me financially. So...what do you do?
I am not an Irish citizen but have been based in Ireland for many years. For the last 6 years I have worked overseas (outside EU) only spending max 6 weeks holiday a year in Ireland. For the time I have been overseas I continued to make an Irish tax return and there was no liability to foreign tax. It is possible that I will secure a 2 year contract overseas that will substantially increase my income. This new contract will require that I pay local income tax. What can I do to minimise Irish tax liability? It may be possible to have salary paid in a double tax agreement location if this would help.
I am looking to set-up as a sole trader in Ireland. One of my clients is an American company paying into my Irish account for work done. Do I have to pay taxes in both countries, or how does this work? Help!M
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