aA
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.
‘People who say they make the minimum wage but have big money in their accounts should be worried’
© DELFI / Mindaugas Ažušilis

Finance Minister Rimantas Šadžius insisted that the new rules will not infringe on people's privacy, since the government will not have access to detailed account statements.

"If tax inspectors see big sums of money flowing into an account, but its holder officially declares big income, no one will be asking any questions. However, those who officially say they make the minimum wage, but have big money circulating in their accounts, should be worried," Šadžius said.

As of next year, a new legal amendment, aimed at reining in tax evasion, will oblige commercial banks to share information about depositors whose annual transactions exceed €15,000 or who keep more than €5,000 in their accounts at the end of a year.

About one tenth of all count holders in the country will fall under the criteria, Finance Minister Šadžius said.

"After getting information from a bank about account balance at the end of the year, the tax inspectorate will not have access to account statements. The sharing of information will be automatic so as to be as little of a nuisance as possible for people,” he said.

Finance Minister Rimantas Šadžius
Finance Minister Rimantas Šadžius
© DELFI / Tomas Vinickas

Young engineer from Malaysia challenged herself for an internship in Vilnius

When you think about sunny and tropical Malaysia here in Lithuania, it is hard to imagine the...

Pursuing investment: shrinking production in Germany brought new opportunities for Lithuania

In 2019 47 foreign direct investment (FDI) projects were attracted to Lithuania, including companies...

Fines for some free plastic bags in stores set

The Lithuanian parliament voted on Tuesday to establish fines of thousands of euros on retailers...

Romanov and 12 other people suspected of squandering Ukio Bankas' assets

Vladimir Romanov, Ukio Bankas' former majority shareholder, and 12 other people are suspected of...

Pieces of paraffin wax-like substance on beaches traced to Russia

Pieces of a substance similar to paraffin wax that were found washed up on Lithuania 's beaches last...

Top news

Romanov and 12 other people suspected of squandering Ukio Bankas' assets

Vladimir Romanov, Ukio Bankas' former majority shareholder, and 12 other people are suspected of...

Linkevicius: the Holocaust is scar on humanity's face (1)

The genocide of the Jewish people is a scar on Lithuania and the whole humanity's face, Lithuanian...

Young engineer from Malaysia challenged herself for an internship in Vilnius

When you think about sunny and tropical Malaysia here in Lithuania, it is hard to imagine the...

Fines for some free plastic bags in stores set

The Lithuanian parliament voted on Tuesday to establish fines of thousands of euros on retailers...

Pursuing investment: shrinking production in Germany brought new opportunities for Lithuania

In 2019 47 foreign direct investment (FDI) projects were attracted to Lithuania, including companies...