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Lithuania Updates Corporate Income Tax Loss Carry Forward Provisions
1. Lithuania Updates Corporate Income Tax Loss Carry Forward Provisions
(Bristol, UK) - 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 nontaxable income as well as fully and partially allowable deductions. Tax losses incurred in the preceding
tax year are not considered.
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About Nair & Co.
Nair & Co., the leader in international business expansion services, provides accounting, HR, legal, tax
and compliance services for the set up and management of your international operations. Our model of
a single-point-of-contact, supported by internal teams of experienced advisors, helps clients expand
business and manage risk so they can focus on their core business and sustain growth with minimal risk,
stress and cost. We support nearly 250 clients in over 70 countries. Nair & Co. is headquartered in
Bristol, UK, has 450 employees and offices in China, India, Japan, Singapore, and the US. Learn more
at www.nair-co.com
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