You may not declare some income to VMI: here is a list | Business

Residents may not declare income that is exempt from taxation.

Here are some of them:

  • interest for securities, for credits in banks, peer-to-peer lending platforms, if the annual amount reaches up to 500 euros;
  • interest on deposits in European banks if the deposit is taken before 2023 December 31;
  • interest on long-term redemption securities purchased until 2023 December 31;
  • interest on late payments for agricultural production;
  • interest on late payment of wages;
  • income from agricultural activities, if the annual amount is up to 3,000 euros;
  • services provided according to the service receipt (up to 1750 euros);
  • income from the sale of financial instruments and securities (up to 500 euros);
  • income from the sale of other assets (up to 2,500 euros);
  • income from the sale of forest products collected by the resident himself (up to 3,000 euros);
  • gifts from parents, grandparents, spouses, children, sisters, brothers, grandchildren;
  • gifts from other natural persons, if the amount reaches up to 2,500 euros per year;
  • gifts from the employer (up to 200 euros);
  • prizes received from the same employer, when the value of one prize is less than or equal to 200 euros and the number of prizes is less than or equal to 6, and the total value of all prizes per year is up to 1200 euros;
  • sports competition prizes, if they are established and allocated to Olympic, Paralympic, sports movements of persons with visual, hearing or mobility disabilities by non-governmental organizations leading in Lithuania, international sports federations or members of these federations, Lithuanian sports federations, as well as nominal gifts donated by the Republic of Lithuania procedure prescribed by law;
  • scholarships of a private person intended to pay for the education and living needs of a student or pupil (there are conditions), not exceeding 2,500 euros per year;
  • scholarships paid from budget funds;
  • allowances paid from state funds;
  • income received as charity or support in accordance with the procedure established by the Law on Charity and Support of the Republic of Lithuania;
  • benefits of non-profit units to their members, paid out of funds collected from the membership fee;
  • income of the staff of religious communities and centers clergy, rite attendants, received for services rendered to the community or center;
  • income received by seafarers for work during the voyage in accordance with Article 14 of the General Labor Code;
  • wages paid from the funds of the European Community, which were taxed by the European Community;
  • compensation for employees for railway or road public transport tickets intended for the resident to come to or from the workplace;
  • employee according to from 2020 February 1 the benefit of concluded option contracts from the employer or a person related to him, obtained by purchasing shares free of charge or at a preferential price, if the shares are purchased no earlier than 3 years after the right to the option contract was granted;
  • income from the sale of real estate, when property ownership was purchased 10 years ago or earlier;
  • income from the sale of residential housing, when property ownership was acquired less than 2 years ago and a residence was declared in that housing, another residential housing was purchased within 1 year;
  • income from the sale of residential housing, when property ownership was acquired more than 2 years ago and residence was declared in that housing;
  • compensation for property taken for public needs;
  • life insurance premiums paid by other residents in favor of the resident under life insurance contracts and pension contributions to a pension account in a pension fund (conditions apply);
  • life insurance benefits (subject to conditions);
  • pensions and annuities received from budget (fund) funds of Lithuania or other countries;
  • other pension benefits (there are conditions);
  • prizes that are initiated by non-profit units operating for purposes beneficial to society specified in the Law of the Republic of Lithuania on Charity and Support, and which are awarded for merits in the fields of Lithuanian culture, society, and science, if the recipients of such prizes are determined by a tender procedure, and an evaluation committee of works nominated for the prize is formed from at least 10 members, the majority of whom are representatives of institutions, bodies or organizations of the science and study system and organizations of art creators;
  • alimony awarded by a court or received under a contract;
  • various compensations, paid and calculated according to the procedure established by legal acts;
  • income received for the assistance provided in secret cooperation with criminal intelligence entities or intelligence institutions;
  • other income determined by the Personal Income Tax Law.
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We remind you that GPM declarations must be submitted to the State Tax Inspectorate (VMI) by May 2.

Income tax overpayments are returned in a random order, regardless of the date of submission of the declaration, until July 31.


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2024-04-24 06:18:41

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