Lithuania: Corporate Income Tax

Alessandro PasutCorporate Income Tax. As of 2014 entities may carry forward losses only up to 70% of the taxable profit of a taxable period. These provisions also apply to the losses of financial institutions incurred due to disposal of securities and/or derivatives.

These limitations accordingly will also apply to carry-forward of losses in case of reorganisation, merger and acquisition, and restructuring of entities in accordance with Art. 43 of the Corporate Income Tax Law.

The procedure regarding the carry forward of losses of non-financial institutions due to the disposal of securities and derivatives will remain unchanged, i.e. the 5 year tax loss carry forward rule still applies.

A main change of the Corporate Income Tax rules in 2014 is the earlier deadline for the tax payment. From 2014 the deadline is the same as the submission date of the annual corporate income tax return. If the taxable year of an entity corresponds to the calendar year, both the deadline for submission of the tax return and payment of corporate income tax for 2013 is 1 June 2014. In other cases the return must be submitted and tax must be paid by the first day of the sixth month of the following taxable period.

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