Financial Services, Legislation, Lithuania, Shadow economy, Taxation

"Talking about the results of our work, this year our control actions led to collecting LTL 446 million (EUR 129 million) to the state budget. It is our contribution this year," Bradauskas said after meeting with the prime minister.

The head of the VMI informed that tax collection is being carried out according to the plan while the results surpass the projections, in spite of tense geopolitical and economic situation.

"The national budget plan has been accomplished and exceeded by 1.2%. We expect to retain the momentum to the end of the year and to collect the budget," said Bradauskas. He added that the VMI intends to submit a proposal to the Government on new fuel declaration procedures and changes in cash settlements.

Prime Minister Algirdas Butkevicius has favourably evaluated the VMI's work and said that the VMI's co-operation with other institutions has brought results. Evaluating next year's budget, the prime minister rejected claims that it is overly optimistic and said that no new taxes are planned for 2015.

According to Butkevicius, the budget could be regarded unrealistic only if some changes in Lithuania's economy arise leading to a negative forecast. However, today the plan is realistic and there are additional opportunities to collect revenue from the underground economy.