This Wednesday Lithuania passed a draft law to avoid double taxation and prevent tax evasion between Taiwan and Lithuania, according to a press release issued by the Baltic nation’s Finance Ministry. The update comes after the Lithuanian Trade Representative Office in Taipei and the Taiwan Representative Office in Lithuania signed an agreement earlier this year in August in an effort to ensure a fairer tax system and enhance bilateral trade competitiveness in the global market.
Outgoing Lithuanian Finance Minister Gintare Skaiste emphasized that the government’s goal is to strengthen cooperation with Taiwan and propose solutions that will help Lithuanian and partner companies gain more opportunities for cooperation and expansion.
Skaiste acknowledged the ambitious goals and plans of Lithuanian enterprises, pointing out that the double taxation exemption will help smooth implementation and promote broader bilateral cooperation. She expressed hope that the incoming government will continue the policy.
Lithuania currently has double taxation avoidance agreements with 58 countries, while its parliament abolished such agreements with Russia in October this year.