Taxes in Europe Database v2
Law on taxes on petroleum and natural gas resources No. I-2944, adopted by Supreme Council (Reconstituent Seimas) in 1992/10/07, the new version on Law on taxes on petroleum and natural gas resources came into force in 2003/07/01.The last amendment of Law on Petroleum and Natural Gas Resources came ino force in 2012/01/01. The new version of Hydrocarbons taxation was adopted by Parliament in 4th December 2014 and came into force in 1st January 2015.
The tax goes:
The territory of the Republic of Lithuania and its economic zone in the Baltic Sea.
The payers of the tax are Lithuanian and foreign taxable entities (within the meaning used in the Corporate Tax of the Republic of Lithuania) and natural persons extracting petroleum and natural gas in the territory of the Republic of Lithuania and its economic zone in the Baltic Sea.
The object of tax is petroleum and natural gas extracted in the territory of the Republic of Lithuania and its economic zone in the Baltic Sea.
The tax period is a calendar quarter. The tax is calculated on the basis of the average sale price at the place of extraction per cubic meter of the petroleum and natural gas extracted during the previous tax period.
The tax is calculated on the basis of the amount of petroleum and natural gas which was extracted during the calendar quarter.
Tax must be paid not later than by the 25th day of the first month of the following calendar quarter.
The State Tax Inspectorate.
The State Tax Inspectorate under the Ministry of Finance together with the Ministry of Environment and Lithuanian Geological Survey under the Ministry of Environment exercise control over correct calculation of tax.