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It could become easier for companies to modernise, individuals to invest in startups, and growing businesses to secure funding for their next stage of expansion. Three bills under consideration in the Lithuanian Parliament (Seimas) could open up these opportunities. Investors’ Forum, an association bringing together the largest and most active investors in Lithuania’s economy, supports their direction and proposes improvements to strengthen Lithuania’s competitiveness and help create well-paid jobs.

It is estimated that the state loses more than one billion euros each year due to uncollected VAT alone. A new survey of Lithuanian residents shows that people have a fairly clear understanding of the cost of tax evasion to the state and society: 46% of respondents believe it reduces funding for public services, 43% say it encourages unfair competition, and 41% think it increases price differences between honest and dishonest businesses. Yet in everyday situations, the shadow economy remains close to consumers — from “envelope wages” to unrecorded payments in the services sector. The gap between awareness and everyday habits is being highlighted during the transparency campaign “No Country for Shadow” held in Lithuania.