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.
Even before the war, crossing Ukraine’s border with the EU was not a pleasant experience for tourists and businesses. The war has intensified the problems, as the western land border has become a bottleneck for passengers and cargo. As a result, queues at the border and related infrastructure problems remain a challenge for Ukraine and its western neighbors.
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 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.
The railway line between Budapest and the West-Hungarian town of Győr is being renovated to breathe new life into the struggling public railway system. Győr, incidentally my hometown, features two university buildings connected by a skybridge shaped like a railway car. As of recently, these few meters are the only reliable means of long-distance transportation that railcars can carry passengers in the country.
It is increasingly clear that free trade, in all its forms is good for everyone. Ever since David Ricardo introduced the concept of comparative advantage as the ultimate argument against the mercantilist policies that had dominated until then. Simply put, in cases where one party has an absolute advantage in the production of a particular good, both parties should produce what they are best at and then trade with each other.
Arkadiusz Mus has built a billion-dollar Press Glass business through international expansion. He is a critic of the Law and Justice Party’s policies, believing they take away the chance to live in an open country and build competitive companies in Poland
The full-scale invasion of Ukraine has severely limited its capacity to export goods. Since July, Russians have been relentlessly attacking Ukrainian ports, repeatedly sending missiles at the port infrastructure of Chornomorsk, Odesa, Reni, and Izmail. In spite of this, Ukrainian farmers have successfully exported 58 million tons of grain by sea, river, and land.
According to the Fraser Institute’s updated “Economic Freedom of the World” report, Ukraine has left the group of the most economically unfree countries. The report measures the level of support for economic freedom by countries’ institutions and policies in five areas: the size of government, the rule of law and the protection of property rights, sound money, the freedom of international trade, and the regulation of the labor market and business.
