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Local governments will decide real estate tax rate
On May 25, 2006, the Seimas amended the Law on Real Estate Tax. According to the amendment, the real estate tax rate variable from 0.3 to 1 percent (the local governments decide upon the particular real estate tax rate by June 1 of the current tax period) of the real estate tax value is established.

Convention for the avoidance of double taxation ratified
The law, by which The Seimas of the Republic of Lithuania has ratified the Convention on joining of Czech Republic, Estonia, Cyprus, Latvia, Lithuania, Hungary, Malta, Poland, Slovenia and Slovakia the Convention in correction for the avoidance of double taxation of associated companies corporate income, which was signed on December 8, 2004 in Brussels, came into force.

Personal income tax decreased
Personal income tax decreased from 33 % to 27 percent from July 1, 2006, and will be decreased to 24 % from January 1, 2008.