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On the 23rd of June 2005 the Seimas adopted the Law Amending and Supplementing the Law on Securities Market No X-270 (State gazette “Valstybės žinios“ No 84-3108).

On 1 January 2005 amendments to the Law on Securities Market of the Republic of Lithuania came into force, establishing legal grounds for the "squeeze-out" of minority shareholdings

Looking at the the harmonisation of the Lithuanian competition law.

Starting from February 2005, incorporation of European companies (<I>Societas Europea</I>, hereinafter referred to as "SE") has been transposed into Lithuanian legal system.

With respect to the provisions of a EU Directive 2005/19/EC of 17 February 2005 amending Directive 90/434/EEC 1990 on the common system of taxation applicable to mergers, divisions, transfers of assets and exchanges of shares concerning companies of different Member States, the Corporate Tax Law will be amended, proposing that it shall enter into force from 1 January 2006 and be applicable for calculating taxable profit for the year 2006. Key points of the proposals:

On 7 June 2005, the Seimas approved three tax laws, which implement the new and highly debated tax reform.

More and more often Lithuanian companies face with a problem as to how to attract and retain qualified employees. In order to compete successfully with foreign employers, Lithuanian companies will not merely have to offer their employees competitive remuneration, but make active use of other incentives. One of the most widely used incentives for employees, which could be used by Lithuanian companies, is <U>employee stock options.

In Lithuania, the issues related to the private enforcement of competition law are governed by the Law on Competition (23 March 1999, No VIII-1099) (the "Law on Competition" or the "Law"), the Code of Civil Procedure (28 February 2002, No IX-743) (the "Code of Civil Procedure") and the Civil Code (18 July 2000, No VIII-1864) (the "Civil Code").

Corporate mergers, consolidations, acquisitions and divisions recently have become quite often in Lithuania, therefore their tax implications should be carefully considered and effectively applied in line with the rules of Lithuanian tax legislation.