Today, the most worrisome problem is the pandemic and its management. The second problem is the effects of the pandemic on the economy and people. Other issues that seemed fundamental until recently, have been moved to the bottom of the agenda. But they did not disappear. One of those problems is population ageing. It continues, as it did before the pandemic, in Lithuania and all the Western world.
The European Commission has launched an initiative on the evaluation and revision of the general pharmaceutical legislation with an overall aim to ensure a future-proof and crisis-resistant regulatory system. The revision is intended to ensure access to affordable medicines, to foster innovation, including in areas of unmet medical need, to improve security of supply and address shortages, to promote technological development and to reduce red tape.
The justice of compensating for the quarantine is once again one of the main societal concerns. Previously made mistakes are leading to more and more flawed interpretations and force us to go back to the origins of the crisis. Did companies, which received “quarantine relief” from the government, have a right to breathe, move and change? In economic terms, it means to pay, invest, purchase, trade and transfer.
The OECD claims that financial literacy is a significant skill in participating in modern society. Pupils should be improving their financial knowledge as early as possible to become active agents of their abilities to plan simple finances. Kids should learn how to plan their spendings and savings and how to build responsible financial behavior.
The Lithuanian Free Market Institute (LFMI) announces the celebration of Tax Freedom Day on Tuesday in Lithuania. The fact that it is celebrated almost three weeks later than last year shows increased government spending.
Lithuania ranks sixth in the Global Tax Competitiveness Index but it has the least attractive corporate tax regime in the Baltic region. It taxes retained and reinvested profits and applies a personal income tax when dividends are paid out. The effective combined tax rate stands at 27.7%. Estonia and Latvia tax only redistributed profits, at 20%.
On May 11, 2021, Lithuania celebrates The Day of Respect for the Taxpayers. On this occasion, the Lithuanian Free Market Institute (LFMI) invited everyone to thank all taxpayers for their contribution to the welfare of the country.
The second lockdown in Lithuania is no different from the first one: there are no clear principles for economic relief, individual groups are fighting for their own interests, and the government is forced to constantly alleviate the emerging effects of the quarantine. But what if lockdowns persisted?
The European Commission has launched an initiative on the evaluation and revision of the general pharmaceutical legislation with an overall aim to ensure a future-proof and crisis-resistant regulatory system.
Uganda became the fourth country in the world that joined Lithuania and started teaching economics using material provided in the award-winning economics textbook created by the Lithuanian Free Market Institute (LFMI).
