Real estate tax rise brings bankruptcy fears


State allowances withdrawn, the real estate tax in Lithuania has risen from 0.5 percent to 0.8 percent. The change is likely to bring negative consequences as some hotels situated in the prestigious locations of Vilnius’ Old Town could go bankrupt. Property tax alone this year will exceed the profits that the hotels in the Old Town will make, this Lietuvos Rytas article says. Hotels cannot raise their rates, at the risk of suffering falls in occupancy, which is already as low as 50 percent in many cases.

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