aA
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 loans since 2004 used to make purchases of over €15,000 or face a retrospective tax of 15% on the gifts.
State Tax Inspectorate (VMI)
State Tax Inspectorate (VMI)
© DELFI / Mindaugas Ažušilis

Lithaunians with savings of over €5,000 in their account or with a turnover of more than €15,000 in a year will be targetted for examination by the State Tax Inspectorate. The STI move on gifts specifically applies to cash gifts which were used for example by a son or daughter to buy an apartment which if undeclared as gifts will attract a retrospective tax rate of 15%, reports Verslo Žinios.

Financial institutions will have to provide information to the State Tax Inspectorate about account balances each year on December 31, including the total amount of money moving through the account during the year and any debt obligations to a particular bank or credit union.

According to STI data, only 9% of the population went over the €15,000 threshold in 2014 and only 11% had more than €5000 deposited in commercial banks at the end of June in 2014.

Finance Minister Rimantas Šadžius announced that the government had approved the move yesterday.

“The government has adopted a decision on how to implement what the parliament has established last year. Financial institutions will have to provide minimum information about people‘s and businesses‘ accounts to the State Tax Inspectorate (STI),” he said.

DELFI

|Populiariausi straipsniai ir video

Landsberis: responsible parties could form coalition after election

Gabrielius Landsberis, leader of the opposition conservative Homeland Union – Lithuanian Christian...

Lithuania awards ex-Pentagon chief Mattis

Lithuanian President Gitanas Nauseda awarded 34 Lithuanian and foreign nationals for their merits to...

Google presented Lithuanian initiative to world

The Internet giant Google has presented its video about Debunk EU during the Google News...

Lithuania names motorway to Latvia after Baltic Way

The Lithuanian government decided to name the motorway from Vilnius to the border of Latvia "the...

Interior Minister disqualifies herself from decisions on EU funding

Lithuania's Interior Minister Rita Tamasuniene has disqualified herself from any decision-making...

Top news

Landsberis: responsible parties could form coalition after election

Gabrielius Landsberis, leader of the opposition conservative Homeland Union – Lithuanian Christian...

Top court finds restrictions on waste-to-energy plants unconstitutional

The 2018 amendments to Lithuania's Law on Waste Management that imposed a ban on building...

Ex-Pentagon chief Mattis awarded by president

Lithuanian President Gitanas Nauseda awarded 34 Lithuanian and foreign nationals for their merits to...

Lidl gives up plastic bags in Lithuania (1)

The German retail chan Lidl has given up plastic bags in Lithuania. Other major retailers say they...

Google presented Lithuanian initiative to world

The Internet giant Google has presented its video about Debunk EU during the Google News...

|Maža didelių žinių kaina