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The benefit will be applied to the calculation and declaration of 2020. and income for subsequent tax periods.
“The key innovation is that from now on, the GPM benefit will apply regardless of whether tuition or vocational training is paid. After the law change, there is no restriction that tax relief is available only for the first degree higher education or the first professional qualification ”, says Rasa Virvilienė, Director of the Legal Department of STI.
In addition, the GPM benefit will be available not only to those who have paid for vocational training within the framework of a formal vocational training program, but also for vocational training within a module of a formal training program leading to the acquisition of the corresponding competence. The law no longer distinguishes between doctoral and postgraduate studies in the arts, but instead they are covered by the term “studies leading to a higher education qualification” in accordance with current provisions.
The STI reminds that permanent residents of Lithuania can take advantage of the PIT benefit and reduce their taxable income by filing an annual income statement. In cases where a permanent resident of Lithuania who is studying or studying is not a taxpayer of income tax or does not have access to the benefit, it can be adjusted by parents (adoptive parents), guardians, carers and / or spouse.
We note that the condition remains that if the studies or professional training were paid with borrowed funds, that is, a loan was taken from a credit institution for this purpose, the part of this loan repaid during the tax period may be deducted from income. According to available data, in 2019. Approximately 19.8 thousand people applied for loans for studies from credit institutions. population, in 2018 – around 18.6 thousand, in 2017. – more than 16.7 thousand.
According to CTI data, the provision of GPM for study and professional training expenses this year, declaring in 2019. income, used around 45.2 thousand. (93%) of the country’s population, last year – about 33.2 thousand. (64 percent), last year – 35.7 thousand. (64%) of the population; taking advantage of the 2020 installations, they recovered more than 10.2 million. EUR, 2019 – around 6.9 million. EUR, 2018 – more than 7.2 million. euros.
All relevant information on tax matters can be found on the STI website https://www.vmi.lt/evmi. Tax specialists provide telephone consultations by calling the general Tax Information Telephone 1882 and other additional telephone numbers, which are published on the STI website.
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