|
Lithuania Value Added Tax:
- The standard VAT in Lithuania is 19%.
- VAT is charged on assets and services provided in Lithuania as well as on imports into Lithuania.
- Exports from Lithuania are not subject to value added tax.
- In Lithuania the threshold fot VAT registration is turnover above TL 100,000 in 12 months.
Lithuania Inheritance Tax:
- Inheritances are taxable in Lithuania.
- The tax on an inheritance is applicable when the heir is a Lithuanian resident or when the asset is located in Lithuania.
- The rate of tax is 5% if the value of the asset is less than LT 500,000. If the value of the asset exceeds that sum, tax is payable at the rate of 10%.
- There is an exemption from tax if the transfer is made between parents and children, between one spouse and another, as well as inheritances received by a spouse, children, grandchildren, brothers and sisters.
- When the value of the asset in an inheritance is less than LT 10,000, it is exempt from tax.
Lithuania Immovable Property Tax
- From 1.1.2006 Lithuania companies and individuals, pay 0.3%- 1% annual tax.
Lithuania Capital Acqisition Tax
- The 24% tax rate is imposed on gifts valued above LT 7,680.
- The tax is not imposed on gifts from close relatives .
|
