tax
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Lithuania's taxation system is conducive to social inequality with a disproportionate burden falling on labour income, and taxes on capital half that of the European Union average, according to leading economists.
Businessman Nerijus Numavičius, Lithuania's richest man, has officially become a taxpayer in the United Kingdom, where he resides, and can choose which country gets his tax money, 15min.lt reports.
Lowering the value-added tax (VAT) rate for all goods and services would be preferable to exemptions on select products, like food, Lithuania's Finance Minister Rimantas Šadžius.
The Lithuanian government could collect more revenue from the value-added tax (VAT) by lowering the rate and thus cutting the black market, according to a SEB Bank economist.
Lithuania's central government and municipalities collected €1.132 billion in taxes over January-February 2016, exceeding the target by €25.1 million, or 2.3%, the Finance Ministry said.
The Electoral Action of Poles in Lithuania (EAPL), a political party representing Lithuania's Polish minority, has suggested implementing new taxes on bank assets and major retail chains' turnover based on similar moves in Poland.
Lithuania is raising excise duty on tobacco and alcohol as of March 1. The government expects the levy to bring in additional €15 million to state coffers.
The number of Lithuanians being able to buy property purely in cash has been steadily multiplying in the last few years – in fact it is hard to imagine how many Lithuanians have been buying a home or apartment using cash - but such luxurious purchases may now have serious consequences.
The government has given the go-ahead for Lithuanian tax authorities to start scrutinising Lithuanians' bank accounts for tax evasion and unaccountable sources of income as the State Tax Inspectorate also announced all citizens had until the end of June this year to declare all gifts and undeclared ...
Neringa, the municipality located on Lithuania's picturesque Curonian Spit, has become a Mecca for the country's rich and famous. However, second home owners, who spend most of the year in Vilnius and other major cities, are a mixed blessing for the beautiful region.
International companies like Google are making deeper inroads into the economies of the Baltic states, but they still choose to pay taxes in European Union countries with more favourable tax conditions.
This January, the national budget and municipal authorities collected 2% (€12.1 million) more tax revenue than planned and 7.1% (€41 million) more than in the same period last year, according to the preliminary data of the Ministry of Finance.
A reduced value-added tax (VAT) rate should apply to basic food products, according to a new bill being proposed by a Labour Party MP.
Even though Lithuania is not introducing any new levies this year, the country's tax authorities are planning to increase revenues by going after businesses and individuals who use inventive tax planning strategies or use company accounts to buy goods for personal use.
About one tenth of all Lithuanian bank accounts will be scrutinised by the State Tax Inspectorate under a new law that requires banks to share information about depositors with tax authorities.
Lithuania will not introduce progressive taxation because there are too few high-earners, according to the country's social democrat Prime Minister Algirdas Butkevičius.