Lithuania Updates Corporate Income Tax Loss Carry Forward Provisions

SUNNYVALE, Calif. - Feb. 11, 2014 - PRLog -- Lithuania recently implemented changes to the company income tax (CIT) law, amending changes pertaining to carry forward of losses. Per the altered provisions, entities may carry forward operating losses, if the amount does not exceed 70% of the company’s income, reports Nair & Co.’s International Tax team. There are exceptions for smaller entities that benefit under a reduced CIT rate of 5%.

CIT is calculated based on the company’s income earned throughout the financial year subtracting non-taxable income as well as fully and partially allowable deductions. Tax losses incurred in the preceding tax year are not considered.

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