Lithuania Gazettes Law Amending Individual Income Tax Law

The Lithuanian Official Gazette Dec. 23 published Law No. XV-680, amending the Individual Income Tax Law. The law includes measures: 1) setting progressive individual income tax rates of 20 percent, 25 percent, and 32 percent based on annual income thresholds; 2) allowing a flat-rate income tax for individual activity income and immovable property rental income not exceeding 50,000 euros (US$58,898) per year, with additional income taxed at general rates; 3) specifying income subject to a 15 percent tax rate, including distributed profits, social insurance benefits, certain capital gains, and investment account income; 4) imposing a 20 percent tax rate on ...