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Lithuanian President Vetoes VAT Reduction for Transport Tickets

June 27 (Bloomberg) -- Lithuanian President Dalia Grybauskaite vetoed a value-added tax cut passed yesterday by lawmakers after calls from Prime Minister Andrius Kubilius to reject the changes.

The VAT reduction to 9 percent from 21 percent for public transportation would cost 70 million litai ($25 million) in budget revenue and gives “no guarantee” that tickets would be cheaper, the president said today in an e-mailed statement.

Grybauskaite backed a lower VAT for newspapers and magazines and car repairs for the disabled starting Jan. 1.

To contact the reporter on this story: Milda Seputyte in Vilnius at mseputyte@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net

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