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Lithuania

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NEW DEVELOPMENTS

Lithuania is extending its network of double taxation treaties and cooperation with other tax administrations

1. INTRODUCTION

a. History and background

Lithuania is a parliamentary republic. Following the collapse of the Soviet Union and restoration of independence in 1990, the legal and economic system was radically reformed. Lithuania joined the European Union on
1 May 2004.

The population is approximately 3.3 million. The capital city is Vilnius, which is also the largest city with 560,000 inhabitants.

The currency of Lithuania is the litas (LTL), although future membership of the euro is government policy.

b. Legal system

Lithuania is a civil-law jurisdiction with French and German influences historically predominating. The civil law and commercial law is codified in a single legal act – the Civil Code of the Republic of Lithuania (Lietuvos Respublikos civilinis kodeksas), which came into force on 1 July 2001.
It was influenced by the civil codes of Quebec and the Netherlands.

Editorial board
Richard Wernick TEP
Totalserve Management Limited

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