"Together with business, we are looking for ways to resolve the difficulties we are facing. New support measures will be launched soon. We are also discussing other solutions that would have an immediate impact," said the Minister for the Economy and Innovation.
A call for another aid measure for Lithuanian businesses affected by the war in Ukraine is planned for early October. Direct INVEGA loans to finance working capital and investments will be made available to SMEs and large companies. EUR 50 million is foreseen for this purpose. This aid measure is also relevant for companies whose energy costs exceed 8% of their costs.
INVEGA is currently offering more soft loans and loan guarantees to businesses. Almost 4,000 companies in the country have already benefited this year.
The Minister also repeated her conviction that the Seimas should refrain from increasing the value added tax rate for hotels and catering establishments in these difficult times. Businesses and the vast majority of the population would be better served by raising their incomes next year, by raising the tax-free personal income tax (TPT) more significantly than the MMA.
A. Armonaitė has made a proposal to automatically defer taxes for businesses if their energy costs exceed 10%. The proposal is awaiting an assessment and decision by the Ministry of Finance.
The Minister also invites businesses to make active use of the investment support measures already proposed or soon to be developed by the Ministries of the Economy and Innovation, Environment and Energy. This is a long-term investment in reducing operating costs, modernising production and moving away from fossil fuels.
The Ministry of the Economy and Innovation of the €1 billion plan will launch calls for business investment from EU funds later this autumn, and almost €50 million will be invested in renewable energy sources or energy-saving technologies. Small and medium-sized enterprises will benefit from €13 million to support sustainable industrial transformation and the development of environmentally friendly products and technologies. For industry, €35 million will be allocated to energy efficiency solutions.
For more information on the plan and the calls to be launched in 2022 and 2023, see here: https://eimin.lrv.lt/lt/1-mlrd-lt
