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Lithuania Business Report

General information
Source: The World Factbook - Central Intelligence Agency
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Population
2,793,284 (July 2018 est.)
GDP (PPP)
$91.5 billion (2017 est.)

Independent from the Soviet Union in 1990. Lithuania joined the WTO in May 2001, the EU in May 2004, and the euro zone in January 2015. The economy was severely hit by the 2008-09 global financial crisis, but it has rebounded.

GDP growth rate
3.9% (2017 est.)

High and stable. One of the fastest growing in the EU

GDP (PPP) per capita
$32,400 (2017 est.)

Medium. One of the highest of the eastern countries of the European Union

Local currency
Euro (EUR)

The second most importat currency in the world after the USD

Financial stability (Public debt)
39.7% (2017 est.)

Low. It rose sharply during the global financial crisis (2008-2009), since then it has been stable

Inflation
3.7% (2017 est.)

Medium-high

Language
Lithuanian (official)

English is spoken as a second language

Corruption perception index (Source: Transparency International)
Rank 38/180

Medium level of corruption

Duties and tax
Source: PwC World Tax Summaries 2017-2018
VAT
21% standard VAT rate
Reduced rates apply: 9% (books, public transportation, heating supply, hot water supply, firewood, accommodation services), 5% (newspaper, technical aid devices, pharmaceuticals and medical aid devices, not compensated prescription drugs), 0% (health care, education, training, postal services, insurance, rent and sale of properties, and more others).
Corporate Tax
15% standard rate
5% rate for small companies: fewer than 10 employees and less than EUR 300,000 revenues (0% for the first year of operations if certain conditions are met)
Duties

EU custums duties apply to the import of goods from outside the EU

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Hundreds of companies in Lithuania and Lithuanian SMEs use Globartis for their operations.

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