aA
With Lithuanian authorities considering converging the taxation of self-employed and salaried income, some self-employed people may begin to look for a job and others may migrate into the shadow economy, the business daily Verslo Zinios reported on Thursday.
Self-employed people mull alternatives as taxation changes loom
© Shutterstock

"If the personal income tax is raised further, some people may give up their business and start looking for a job; others will become unemployed, and still others may retreat to the shadow (economy)," it quoted Swedbank Lithuania's chief economist, Nerijus Maciulis, as saying.

President Gitanas Nauseda has proposed to beef up spending on social protection and has identified an increase in the taxation of non-salaried income as a source of raising funds for the purpose.

Simonas Krepsta, the president's economic advisor, has told BNS that Nauseda's proposals are related to higher taxation of self-employment income as well as capital gains and dividends.

BNS
It is prohibited to copy and republish the text of this publication without a written permission from UAB „BNS“.
|Populiariausi straipsniai ir video

Minister: budget deficit to narrow, debt-to-GDP ratio to stabilize in 2021

The Lithuanian state's 2021 budget bill has been drafted with the aim of reducing the general...

One in 3 Lithuanians feels anxious about money

Thirty-nine percent of Lithuanians feel anxious about their finances every day, which adversely...

Simonyte: key budget issue is what to do with borrowed money (1)

The key question related to Lithuania's next year budget is what will be done with borrowed money...

Minister: Lithuania financially capable of withstanding another coronavirus outbreak

Lithuania would be financially capable of withstanding another coronavirus outbreak, Finance...

A new commercial bank has launched operations in Lithuania

PayRay , a Lithuanian financial sector company, has started a new page of its business service...

Top news

Scientists: strict lockdown might be necessary as early as November

Under the most pessimistic scenario, a strict quarantine in Lithuania might be necessary as early as...

Lithuania hands in note to Minsk over Astravyets NPP

Lithuania has on Tuesday handed in a diplomatic note to Minsk over plans to launch power production...

413 new coronavirus cases

On Monday, 413 new COVID-19 cases were detected in Lithuania. Overall, it adds to 11362 confirmed...

Football and basketball officials say ban on fans in stadiums understandable

Lithuania's top football and basketball officials say the government's planned ban on fans in stadiums...

Colin P. Clarke, Asfandyar Mir | D+ nariams

Al Qaeda’s leader is old, bumbling, and a terrorist mastermind

Ayman al-Zawahiri isn’t trying to plan another 9/11 attack—because he doesn’t need to.

|Maža didelių žinių kaina