Analytics, Financial Services, Legislation, Lithuania, Shadow economy, Taxation

"The provided information shows that the fight against shadow economy is not tilting at windmills as some like to say. Four separate studies have shown that the fight against shadow economy has given positive results. Professor Friedrich Schneider estimates that from 2013 to 2014 shadow economy decreased in Lithuania by 0.9% and accounted for 27.1% of GDP," said the head of Government.

Last year collections of excise duties surpassed projections by EUR 34.15 million. The amount of excise duties collected increased by 6.6% compared with 2013.

Even though VAT collection plan was fulfilled at 96.7%, however VAT revenue in 2014 increased by 6% or EUR 159 million.

Butkevicius predicted that underground economy will decrease by another 1.3% in 2015 once Parliament adopts law amendments submitted by the Government.