Lithuania: Worked Example of Tax on Rent
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Tax Example: Rent
| NON-RESIDENT COUPLE NOT FILING AN INCOME TAX RETURN (NO DEDUCTIONS APPLIED) | ||||
| Non-resident couple's joint monthly rental income1 | €1,500 | €6,000 | €12,000 | |
| Annual Rental Income | 18,000 | 72,000 | 144,000 | |
| = Taxable Income | 18,000 | 72,000 | 144,000 | |
| Income Tax Rates2 | ||||
| Flat Rate | 15% | 2,700 | 10,800 | 21,600 |
| Annual Income Tax Due | €2,700 | €10,800 | €21,600 | |
| Tax Due as % of Gross Income | 15% | 15% | 15% | |
Thanks to: |
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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 August 11, 2008.
Notes
1 The property is jointly owned by husband and wife.
2 Non-residents are taxed at a flat tax rate of 30%, without deductions.
| NON-RESIDENT COUPLE FILING AN INCOME TAX RETURN (DEDUCTIONS APPLIED) | ||||
| Non-resident couple's joint monthly rental income1 | €1,500 | €6,000 | €12,000 | |
| Annual Rental Income | 18,000 | 72,000 | 144,000 | |
| Less Costs2 | (2,221) | (8,885) | (17,770) | |
| Less Depreciation Expense3 | (13,846)4 | (51,750)5 | (100,000)6 | |
| = Taxable Income | 1,933 | 11,365 | 26,230 | |
| Income Tax Rates7 | ||||
| Flat rate | 24% | 464 | 2,728 | 6,295 |
| Annual Income Tax Due | €464 | €2,728 | €6,295 | |
| Tax Due as % of Gross Income | 2.58% | 3.79% | 4.37% | |
| 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 August 11, 2008.
Notes
1 The property is jointly owned by husband and wife. Exchange rate used: €1 = LTL3.45280.
2 Estimated costs.
3 Residential properties are depreciated for a period of 20 years.
4 The property is estimated to cost around €276,923 (LTL956,160).
5 The property is deemed to cost around €1,035,000.
6 The property is deemed to cost around €2,000,000.
7 As of 01 January 2008, the effective tax rate is 24%.
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