The complexity of the advance payment of corporate income tax (CIT) creates administrative burdens for businesses and hinders the path to greater competitiveness. To ensure the stability of the state budget and higher tax revenue collection, the CIT regime was complemented by an advance CIT in the early years of the restoration of Lithuania’s independence. Companies pay it before profits are earned, thus crediting the State.
The Lithuanian Parliament rejected the president’s proposal to allow people to withdraw a quarter of their pension savings. However, a similar proposal will be considered in return. Politicians are, of course, inspired only by good motives – the desire for freedom and goodness. But freedom goes hand in hand with responsibility, which is valid every day and even more so in the long run.
Lithuania ranked ninth in the International Tax Competitiveness Index 2023. This country ranked eighth last year and fourth in 2019. Why is it sliding down instead of finally rising up the pedestal? The International Tax Competitiveness Index assesses tax systems on their simplicity, transparency, neutrality – i.e., fairness to specific activities and income levels – and stability.
The Lithuanian Free Market Institute’s (LFMI) textbook “Citizen within 31 Hours” has been awarded the European Award for Innovative Education. “Citizen within 31 Hours” is a program to help teachers develop social awareness in an innovative, integrated, and fun way. It has 31 relevant and thought-provoking themes (e.g., poverty, social networks, propaganda, ecology, etc.).
The European Central Bank (ECB) has increased its base interest rates ten times before announcing a pause. During the October meeting, the Governing Council of this financial institution, which met in Athens, decided to halt the record-fast cycle of interest rate hikes. For many borrowers, the most pressing question is, “When will the reduction begin?” However, it is also worth considering the question of quantitative tightening.
Thanksgiving, celebrated these days in the United States, is often considered abroad as a turkey dinner feast. Americans travel thousands of miles – so that several generations of a family can gather around one table. Gratitude is expressed for the harvest, which in the modern world can mean economic welfare, health, fruitful relations with family and friends, and all the benefits of the year’s toil.
The wave of inflation that evolved after the pandemic suggests that increasing the quantity of money does not necessarily lead to economic prosperity. Typically, as the prices of some goods rise, the prices of other goods fall. However, the euro area faced a rapid general price increase. This paper examines the factors behind this growth in prices.
The work and ideas of the Polish astronomer, mathematician, and economist Nicolaus Copernicus (1473-1543) are worth studying, not only for those who still believe that the Earth is flat but also for anyone interested in intellectual revolutions. Among his achievements is the identification of the real causes of inflation, which has been no less of an intellectual revolution. Copernicus challenged the prevailing idea that our planet was the center of the universe.
Who should be taxed, how should they be taxed and what purpose should it serve? These questions are as old as the world. To help answer them, in his 1776 work “The Wealth of Nations” the Scottish economist and philosopher Adam Smith formulated four principles of taxation. According to him, taxes should be proportional to the benefits that a person derives from belonging to society.
July 3 marked an important stage in implementing the EU’s new big tech regulations under the Digital Markets Act (DMA). The European Commission started thresholds checks for large internet platforms that are considered to have a strong economic position and a large user base to impact the internal market.