Members of the association that gather the largest Lithuanian investors, Investors’ Forum participated in the meeting with the new Prime Minister or Lithuania and his advisors in the Kempinksy Cathedral Square Hotel in Vilnius. During the meeting, the investors stressed that the new Government cannot grow tiresome of fighting shadow economy, smuggling and also of attracting foreign direct investments. The investors also reminded of the necessity to regulate labor code, solve “Sodra” problems and carry out tax reforms keeping in mind, that stability is the key aspect that investors and all honorable businesses care about the most.

“The foundation of the well-being of a country is sustainable economy, transparent finances and socially responsible business. We hope that the Government will continuously work on improving business and investment environment in Lithuania”, – says Rolandas Valiūnas, Chirman of the Board of Investors’ Forum. “Members and experts in various fields of businesses represented by Investors’ Forum are willing to actively cooperate with the Government and other authorities and provide concrete, applicable suggestions”.

In the last month, Government’s aim to “recover” 0,5 % (~ 560 mln. Litas) of Lithuania’s GDP out of shadow economy, was announced. This is an ambitious amount, however the investors are certain that although determination is solutable, concrete actions to fight smuggling, corruption and shadow economy must be taken. It has been calculated, than only in the year 2012, due to illegal tobacco products in the market, the country has lost around 390 mln. Litas in excise and VAT taxes that if accounted for, would have been paid to the state budget.  What is more, 410 mln. Litas was lost due to illegal sales of alcohol containing beverages and 160 mln. Litas lost in illegal fuel sales. Fixing only these 3 areas, the plan of the Government would be exceeded twice. 

For the Prime Minister’s Algirdas Butkevičius remarks at the meeting with members of the Investors’ Forum: click here.