Lithuania

Lithuania, located in Eastern Europe along the Baltic Sea, is bordered by Latvia to the north, Belarus to the south and east, Poland to the south, and Russia (Kaliningrad district) to the southwest. The capital of Lithuania is Vilnius. The official language is Lithuanian, and the currency is the euro (EUR).

On 11 March 1990, Lithuania declared its independence. Lithuania gained membership in the World Trade Organization (WTO) in May 2004 and joined the North Atlantic Treaty Organization (NATO) and the European Union (EU) in the spring of 2004. Lithuania joined the Eurozone in 2015. As of 5 July 2018, Lithuania is a member of the Organisation for Economic Co-operation and Development (OECD).

Lithuania has strong trading relations not only with its Central and Eastern European neighbours (Poland and Latvia) but also with the United States, Germany, and the Netherlands. The government of Lithuania continues a high-profile campaign to attract foreign investment and to develop export markets. In 2023, the gross domestic product (GDP) of Lithuania decreased by 0.4%. For 2024, it is expected to grow by 2.5% and for 2025 - by 3.4%. The commercial environment is generally friendly to foreign companies, and most of the EU directives are implemented into the Lithuanian legislative system.

Lithuania has a developed private-enterprise economy that is actively growing due to an advantageous geographic location in Eastern Europe, highly developed transport connections, a modern seaport, IT network, and a highly educated labour force. The Lithuanian economy is oriented into manufacturing and service industries, including food, the petroleum and chemical industry, information technology, financial services and service centres, transportation, construction, biotechnologies, research and development (R&D), and tourism.

PwC established its office in Lithuania in 1993 and currently employs 194 professionals. For over 30 years, PwC Lithuania has provided assurance, actuarial, advisory, tax, legal, and accounting services. Our clients include both multinational corporations and large local companies. PwC has a network of tax specialists both in Lithuania and all over the world. Our tax advisors in Lithuania offer a wide range of services and advise on all aspects of Lithuanian, EU, and international taxation. In addition to providing advice in English, and Lithuanian, our team can coordinate any foreign and Lithuanian tax aspects to provide an integrated solution and a single point of contact. This balances Lithuanian and foreign tax benefits and risks, providing the client with integrated options.