No. 4, 2013
CENTRE PLUS NEWS STATE TAX INSPECTORATE
S
tate Tax Inspectorate (hereinafter - STI) is the authority responsible for tax administration.The main objectives of the STI are as follows: to help taxpayers and tax withholding individuals to exercise their rights and responsibilities, to enforce tax laws and ensure the payment of taxes to the budget. STI provides public and administrative services such as registration of taxpayers, income-tax returns administration, the education and counseling of taxpayers, tax rebate and set-off, arrears management, issuance of documents to tax payers, etc The main taxes paid by individuals living in Lithuania are these: income tax of physical persons, mandatory health insurance contributions,social insurance contributions.If you are employed, these taxes are withheld from your wage and paid by the employer. These fees are also paid in the royalty agreements. Usually they are also withheld and paid by the employer according to the agreed payment.
If you want to establish business in Lithuania, you shall be aware that the main taxes in business are as follows: 1)Personal income tax (employment related taxes) (PIT); 2)Profits tax (Joint Stock Company, Close corporation, Sole proprietorship, Small partnership, partnerships, etc.); 3)Value-added tax (VAT) (paid by all companies registered as VAT payers);
4)Companies and organizations` real estate tax (companies pay, when they own registered real property); 5)Contributions to the Guarantee Fund (paid by all companies from the part of wage fund); 6)State social insurance contributions; 7)Excise duties.All the above tax rates vary and are paid at different rates listed below: 1)PIT - 15% income tax rate. 2)Profits tax-15%.