EU – Baltic States, Investments, Lithuania, Markets and Companies, Taxation, Wages

International Internet Magazine. Baltic States news & analytics Thursday, 28.03.2024, 15:38

Lithuania lures Norwegian business with low wages

BC, Vilnius, 12.09.2014.Print version
Lithuania wants to create jobs through Norwegian businesses, offering financial zones with zero tax, and highly-educated, hardworking employees. In the last five years, Norwegian investment in the country has doubled, the government agency Invest Lithuania said, cites LETA/ELTA.

Invest Lithuania wants to attract more Norwegian companies and investors to Lithuania with low wages and low taxes. "We are competitive on cost, with an efficient and hardworking workforce," says Arvydas Arnasius, director of Invest Lithuania.

 

Salaries in Lithuania are one fourth of the European Union's average, and one-sixth of those in Norway. Lithuania has the fourth lowest tax rates in the EU, and Norwegian companies can also get access to special economic zones, Invest Lithuania reports. "Enterprises pay 15% corporate tax, but in the seven special economic zones new companies pay zero tax for the first six years the company is located in the country. After that, only 50% of corporate tax is payable over the next ten years," he says.

 

It is essentially medium-sized companies that Arnasius wants to target. "These companies can make fast decisions without too much bureaucracy, and we would like to work with them," he says.

 

Over 90% of Lithuanians have secondary or higher education, and over 80% of the population speak several languages. Arnasius believes this makes Lithuania a very attractive country to invest in.

 

As reported, the Lithuanian-Norwegian business chamber was opened in Oslo in July. It is the first and probably the major step towards creating even tighter business relations between the two countries.






Search site