Finance Ministry initiates discussion on solidarity tax on high earners
The Lithuanian Finance Ministry is initiating a discussion on a solidarity tax on high earners.
It would apply to all income totalling more than 150 average wages per year, or around 200,000 euros.
Deputy Finance Minister Ruta Bilkstyte, the head of a task group for a review of tax incentives, said that the rate of such a levy could be set at 3 percent.
“The tax would apply to all income, including income from employment, individual activity, other income, interest or sale of property,” she said.
The idea is aimed at helping economic recovery and making those on high income pay a higher solidarity contribution, according to the vice-minister.
Currently, employment income of up to 60 average wages is taxed at 20 percent and income above 60 average wages at 32 percent. Dividends and income from an individual activity are subject to a 15 percent tax rate, as is other income of up to 120 average wages. Other income above 120 average wages is taxed at 20 percent.
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