Financial Services, Legislation, Lithuania, Real Estate
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Thursday, 18.04.2024, 07:01
Lithuanian MP proposes to tax real estate above EUR 217,000
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To date this tax is imposed when the value of property exceeds LTL 1 million (EUR 290,000).
According to Masiulis, this draft aims to increase social responsibility so that those capable of paying could contribute more to financing of public expenditures, it also aims to expand the base of immovable property tax. The politician also expects to increase the revenues of the public budget.
"Lithuanian and foreign experts agree that real estate in Lithuania is too little taxed. The society complains about social injustice that taxes are too much regressive. () Since State Tax Inspectorate has already established a practice of estimating and collecting immovable property tax from natural persons, an opportunity arose to rapidly and effectively increase the number of immovable property tax payers," said Masiulis.
According to Member of Parliament, his proposal would allow collecting additional LTL 10 million (EUR 2.9 million) to the budget.
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