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“In terms of simplifying the tax administration and also in terms of the fiscal effect that could be generated by raising more funds in the budget, all the tax benefits will be evaluated. I could not distinguish one or the other, they will all be reviewed again, with a new look, if it still corresponds to the purpose for which they were presented today ”, said G. Skaistė at the press conference after the meeting with President Gitanas Nausėda.
“Including those tax exemptions that are related to fossil fuels, and that probably already respond not only to the fiscal need to raise more funds in the budget, but also to the green exchange rate that the entire European Union has,” he added.
He reiterated that it is planned to establish a working group of experts on different income taxes, which could start its work as early as February and that separate proposals could be adopted at the spring session of the Seimas.
“It would take the company six months to adapt to any change. We will only try to discuss all the proposals for different types of businesses, how to make that taxation fairer, so that there are fewer distortions and less desire to run from one type of business to another to lower the rate ”, said the Minister.
During the meeting with the president, funds for the management of the coronavirus pandemic, business assistance and the preparation of a shadow reduction plan were discussed.
Simon Krėpšta, the president’s senior adviser, noted that profits are one of two parts of tax justice. According to him, profits should be reviewed and those that generate tax injustice should be eliminated.
The second issue is the so-called “livestock” tax issue, in which different rates are applied depending not on the amount of income earned, but on the way the income is received. It also distorts our tax system, “said S. Krėpšta, head of the President’s Economic and Social Policy Group, at a press conference.
G. Skaistė noted that it is currently decided that the possibility of a family paying personal income tax (PIT) will be evaluated later.
“Once we complete this review of a fairer tax system and the identification of benefits, the next step will be to move on to a discussion about the possibility of moving to a family as an object of the taxpayer. But it will still be the second step, “said G. Skaistė.
G. Skaistė: we don’t want to catch little things in the shadows
Finance Minister G. Skaistė said she sees the potential to raise more funds from the shadows, but is expected to count how many there will be when the corresponding plan is prepared. The focus will be on the sectors with the highest unaccounted income.
“Individual measures are also identified in the government program, namely the builder’s identification card, as well as the auto parts market, where we see that more revenue could be generated and perhaps not everything is accounted for. And in general, when we talk to the team, we highlight those areas where it would be possible to have a great effect, but not narrow down and try to adjust those things that are difficult to catch, ”said G. Skaistė.
According to the presidency, according to data from international organizations, says Schneider, the shadow in Lithuania is a third higher than the average for European countries.
“As for the taxes collected, if we were to reach the average level of the European Union in the shadow, our budget could reach 2 billion euros each year. These are really large reserves that need to be accumulated (…) in the shade, we lose about 5% tax revenue from gross domestic product, ”said S. Krėpšta.
The adviser added that the country’s budget is very small, “it amounts to around 30 percent. our economy and is largely small due to the shadow economy. “
The president also discussed the state of public finances with the finance minister.
“There are no preconditions to say the opposite of what was approved in the draft budget regarding the expected deficit and other indicators for this year. The situation has not changed yet, but of course this is only the beginning of the year. “said S. Krėpšta.
In the state budget for 2021 adopted by the Seimas in December, the general government deficit, the difference between expenses and income, will amount to 7% this year. Gross domestic product, mainly due to the additional costs of managing the coronavirus pandemic.
During the meeting with the president, funds for the management of the coronavirus pandemic, business assistance, and the preparation of a shadow reduction plan were also discussed.
The Presidency report notes that G. Nausėda was interested in the terms of the economic transformation and the preparation of investment plans for the EU Recovery Fund. The head of state stressed that the investment plan in economic transformation, which will amount to about 2,600 million. The regions of the country must be duly taken into account to improve the standard of living and promote innovation in them.
According to the report, it was emphasized that it is no less important to implement the concept of a national development fund, thus creating not only an instrument to support short-term but also long-term investment in the state.
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