According to Vice-Minister Rūta Bilkštytė, the initiated changes aim not to regulate the valuator's profession, but to increase the reliability of valuation by ensuring technology-based solutions – data openness, availability and the possibility of reusing them.
"Following the good practice of foreign countries and after conducting a detailed analysis, we identified the problems of legal regulation of existing property and business valuation and its practical implementation. In our opinion, by implementing the proposed direction, we will replace the market supervision mechanisms with more efficient ones, and in addition, a transparent and reliable valuation will be ensured," said Vice-Minister of Finance Rūta Bilkštytė.
Amendments to the laws create conditions for digital solutions that would act as a preventive measure for the quality control of all valuation reports and would contribute to ensuring reliable valuation.
In addition, it is planned to open all public sector property valuation reports, to make public the depersonalized data of other properties being valued.
It is also expected that the Authority of Audit, Accounting, Property Valuation and Insolvency Management (AVNT) instead of performing licensing and supervision functions, prepares relevant recommendations for the application of valuation standards in Lithuania and, by applying administrative responsibility for valuation violations, ensures public interest in the field of valuation. Such technological changes will create opportunities to deregulate the valuation profession itself.
The creation of digital tools is planned to be financed with the funds of the Recovery and Resilience Fund (RRF), and their maintenance – from the State budget.
It should be noted that the purpose of mandatory property and business valuation is to ensure that the customer is provided with an objective and unbiased conclusion about the value of the valued property, taking into account its condition, suitability for use, recoverability perspective and other circumstances.
