Lithuania on the way to change tax incentives scheme

The Government of the Republic of Lithuania approved the proposed changes to the Law on Corporate tax. The amended taxing scheme would offer a tax relief to companies wishing to invest in Lithuanian film production. It is hoped that the new scheme will be approved by the Lithuanian Parliament already this spring.

„Lithuanian film industry offers good quality services, a wide range of shooting locations and highly qualified staff. However, Lithuania fails to attract foreign investors as it does not offer the possibility to offset investment in film productions against tax“, — says the head of Lithuanian Film Centre Rolandas Kvietkauskas.

R. Kvietkauskas adds that if Lithuania wishes to stay competitive in the region, amendments to the existent law are vital and should be made in the nearest future.