On 17 September 2014, the Lithuania government approved new draft tax measures introducing tax holidays and new tax rates for Oil and Gas companies. The measures include:

• A 3-year tax holiday for shale gas producers, with a 15% tax rate for subsequent years - the tax holiday may apply up to the end of 2019 at the latest
• A 12% tax rate for non-shale oil producers

The measures are scheduled to…