Treaty on the Avoidance of Double Taxation of Income and Capital and on Prevention of Tax Evasion, Signed Between the Government of the Republic of Lithuania and the Government of the Republic of Macedonia on 29 August 2007 (Official Gazette (Valstybės Žinios), No 69–2623).

      The Treaty is valid for the income tax, income tax of individuals and real property tax applicable in the Republic of Lithuania and income tax of individuals, profit tax and property tax applicable in the Republic of Macedonia.

      The Treaty will come into force after it is ratified by both parties.

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      Treaty on the Avoidance of Double Taxation of Income and Capital, Signed Between the Government of the Republic of Lithuania and Serbian Government on 28 August 2007 (Official Gazette (Valstybės Žinios), No 66–2503).

      The Treaty is valid for the income tax, income tax of individuals and real property tax applicable in the Republic of Lithuania and profit tax, income tax of individuals and capital tax applicable in the Republic of Serbia.

      The Treaty was ratified by the Seimas of the Republic of Lithuania on 17 April 2008.

      Order of the Minister of Finance of the Republic of Lithuania No 1K-213 of 11 June 2008 on the Approval of Public Sector Accounting and Financial Reporting Standard (Official Gazette (Valstybės Žinios), No 70-2685).

      The Order approved public sector accounting and financial reporting standard 23 “Interim Financial Statement Set”. The Standard must be referred to when preparing the financial statements for the period starting with 1 January 2009 and the subsequent periods.

      The Order came into force on 20 June 2008.

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      Resolution of the Board of the Bank of Lithuania No 86 of 29 May 2008 on Amending of Some Accounting and Financial Reporting Acts of the Bank of Lithuania (Official Gazette (Valstybės Žinios), No 66–2524).

      The Resolution approved the new versions of the following financial statements and their annexes:

      - Balance Sheet Form 0001 and Annex to the Balance Sheet “Additional Disclosures on the Balance Sheet Items”;

      - Profit (loss) Statement Form 0002 and Annex to the Profit (loss) Statement “Additional Disclosures on the Profit (loss) Statement Items”;

      - Cash Flow Statement Form 0037, Statement of Changes in Equity Form 0038;

      - Explanatory notes to financial statements “Other Additional Disclosures“.

      The Resolution amended Form 7004 on maximum deposits at the bank. It also approved the amendments of approval of the rules on consolidation of accounts of the financial group and on joint (consolidated) supervision and supplemented financial and supervisory statements, which the branches of foreign banks authorised in other EU Member States must provide to the Bank of Lithuania until a certain deadline.

      The Resolution came into force on 30 June 2008.

      Law No X-1543 of 15 June 2008 Amending Articles 17 and 20 of the Law on Income Tax of Individuals of the Republic of Lithuania (Official Gazette (Valstybės Žinios), No 63–2381).

      The Law provided that municipality granted scholarships should be included into nontaxable income. Groups of residents of Lithuania, for which tax-exempt amounts and additional tax-exempt amounts are applied, were revised and new methods of annual tax-exempt amount of income calculation were settled.

      The Law will come into force on 1 January 2009.

      Resolution of Insurance Supervisory Commission under the Government of the Republic of Lithuania No N-49 of 3 June 2008 Amending the Resolution of Insurance Supervisory Commission under the Government of the Republic of Lithuania No N-59 of 10 July 2007 on the Activity of Pension Annuity and Information on Pension Annuity Agreement in Insurance Rules (Official Gazette (Valstybės Žinios), No 66–2526).

      The Resolution prolonged the term from 9 to 12 months, during which life insurance companies must prepare insurance rules to the pension annuity agreement since the decision to carry the activity of pension annuity was made.

      The Resolution came into force on 11 June 2008.

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      Order of the Minister of Agriculture of the Republic of Lithuania No 3D-333 of 13 June 2008 on the Approval of Rules of Partial Compensation of Insurance Costs for the Claimed Damages for Natural Draughts (Official Gazette (Valstybės Žinios), No 70–2674).

      The Order approved the rules of partial compensation of insurance costs for the claimed damages for natural draughts.

      The Order came into force on 20 June 2008.

      Law No X-1534 of 13 May 2008 Amending Articles 22, 24, 43, 47, 52, 58, 67, 68, 69, 70, 71, 72, 73, 76, 77, 78, 79, 80, 83, 84, 85, 130, 193, 194 of the Labour Code of the Republic of Lithuania and Supplementing It with the Articles 751, 1301 and an Annex (Official Gazette (Valstybės Žinios), No 63–2375).

      The Law approved amendments on the following subjects: employers’ representation in social partnerships, social partnerships’ formats, information and advise services for employees’ representatives, collective agreement application on a national, branch and territorial basis, settlement of labour disputes arousing during the conclusion and enforcement of collective agreements on a national, branch, territorial and company basis, the definition of a collective labour dispute, raising requirements for employers and analysis of such requirements, the establishment of collective dispute settlement bodies, the definition of a strike, the procedure of strike announcement, strike process and termination, remuneration for overtime and night working hours and remuneration for work on rest days and holidays. The Law also supplemented the Code with Article 751, which settled the proceedings of settling the collective labour dispute with the help of a mediator, and Article 1301 on a collective dismissal.

      The Law came into force on 1 July 2008.

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      Law No X-1536 of 13 June 2008 Amending Article 6 of the Law on Works Councils of the Republic of Lithuania (Official Gazette (Valstybės Žinios), No 63–2377).

      The Law provided that elections to the works councils shall be called by the employer, upon the written proposal for the establishment of a works councils signed by at least one tenth of employees of the undertaking.

      The Law came into force on 3 June 2008.

      Law No X-1580 of 5 June 2008 Amending Articles 1, 57 and 72 of the Law on Companies of the Republic of Lithuania (Official Gazette (Valstybės Žinios), No 71–2706).

      The Law amended the Law on Companies of the Republic of Lithuania in respect of the shareholders obtaining convertible bonds on a pre-emptive basis and to the finishing of the company reorganization and private company takeover bidding.

      The Law came into force on 21 June 2008.

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      Law No X-1540 of 15 May 2008 Amending Articles 13, 15, 24, 34, 39, 44, 49, 51, 52, 53, 54, 56, 60 and Annex of the Law on Companies of the Republic of Lithuania and Supplementing it with Article 451 (Official Gazette (Valstybės Žinios), No 63–2378).

      The Law amended and supplemented the previous Law on Companies, related to economic rights of shareholders, capital composition, equity interest, transfer of shares, the increase in statutory capital from the company’s resources or by additional contributions, statutory capital reduction, the purchase of bonds on a pre-emptive basis and regulating the allocation of profit (loss).

      The Law was supplemented with the new Article, which settled the basis for payment for the shares by non-cash contributions, but by the company’s increase of statutory capital.

       The Law came into force on 1 July 2008.

      Order of the Minister of Finance of the Republic of Lithuania No 1K-206 of 9 June 2008 on the Approval of Interest Rates for the Tax Loans for the Third Quarter of 2008 (Official Gazette (Valstybės Žinios), No 68–2600).

      The Order settled the interest rate of 0.01 % on the tax loans per each day since 1 July 2008.

      The Order came into force on 15 June 2008.

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      Order of the Minister of Finance of the Republic of Lithuania No 1K-207 of 9 June 2008 on the Approval of Penalties for the Third Quarter of 2008 (Official Gazette (Valstybės Žinios), No 68–2601).

      The Order settled the amounts of penalties for the unpaid or belated taxes for the third quarter of 2008, which since 1 July 2008 amounts to 0.04 % for each belated payment day.

      The Order came into force on 15 June 2008.

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      Order of the Minister of Finance of the Republic of Lithuania No 1K-221 of 26 June 2008 on the Approval of Penalties for the Third Quarter of 2008 Paid on the Belated Return of EU Financial Support, European Economic Area Funds and Funds Provided by Norwegian Financial Mechanisms and General Support Funds (Official Gazette (Valstybės Žinios), No 73–2840).

      The Order settled the amounts of penalties for the belated return of EU Financial Support, European Economic Area funds and funds provided by Norwegian financial mechanisms and general support funds for the third quarter of 2008, which since 1 July 2008 amounts to 0.04 % for each belated day of return.

      The Order came into force on 28 June 2008.