CLOSE X

Register - if you don't have an account

Yes! Sign me up for Global Property Guide's fortnightly email newsletter.


Login - for registered users

Forgot Password?
Explore destinations
continent map couldn't be loaded Pacific Europe & Russia North America Latin America Asia Africa Middle East Caribbean

 


Financial Overview

Directory

Property Search

Global Statistics

Regional Statistics






Mar 22, 2016

Tax Example: Rent


NON-RESIDENT COUPLE NOT FILING AN INCOME TAX RETURN (NO DEDUCTIONS APPLIED)
Non-resident couple´s rental income1      
Monthly Rental Income2 1,500 6,000 12,000
Annual Rental Income 18,000 72,000 144,000
Less: Expenses 3 10% 1,800 7,200 14,400
Less: Depreciation 4 (13,846) (51,750) (100,000)
= Taxable Income 2,354 13,050 29,600
Income Tax5
Flat rate 15% 353 1,958 4,440
Annual Income Tax Due 353 1,958 4,440
Tax Due as % of Gross Income 1.96% 2.72% 3.08%
Thanks to:

DISCLAIMER: The information contained above is marketing material only and is not written tax advice directed at the particular facts and circumstances of any person and should not be relied upon. We encourage you to discuss your particular situation with us or an independent tax advisor. This information was last updated on 22 March 2016.


Notes


1 The property is jointly owned by husband and wife.

2 Exchange rate used: 1.00 EUR = 1.00 EUR

3 Estimated values. Income-generating expenses are deductible when calculating taxable income.

4 Depreciation can be claimed if individual activities are declared. At eventual sale, such depreciation (capital allowance) notional deduction previously claimed annual declarations must be deducted in calculating capital gains tax (CGT) payable. Properties are depreciated for a period of 20 years.

4-1 The property is estimated to cost around €276,923.

4-2 The property is deemed to cost around €1,035,000.

4-3 The property is deemed to cost around €2,000,000.

5Rental income is taxed at a flat rate of 15%.

 





Comments


Be the first to comment on this article!



Login or Register to submit a comment!

In order to promote open and spam-free conversations, Global Property Guide moderates commetns on all articles. You can expect that your comment will be published within 24 hours.



Compare Countries



Free Newsletter

Fortnightly updates from the global property arena directly to your inbox.


Email Address:





Connect to professional advice in Lithuania





PROPERTY RECOMMENDATIONS

 
Download free property reports from international research houses

Our Newsletter

 
Fortnightly updates from the global property arena directly to your inbox.

Manage subscriptions