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The most important tax changes from 2021. Rasa Virvilienė, director of the Legal Department of the State Tax Inspection, explained to tv3.lt.
A few more euros will go to your hands
The majority of the population is likely to be affected by small changes in the amount of non-taxable income (NPD). We remind you that the higher this amount, the lower the amount of income subject to income tax and the more money will be delivered to the resident.
As explained by R. Virvilienė, for residents whose monthly income related to employment relationships or relationships corresponding to their essence will be higher than in 2021. the monthly minimum wage (642 EUR) in force at the beginning of the year, the monthly NPD will be calculated from according to the formula: monthly NPD = 400 – 0.18 x (monthly income per capita minus MMA).
In this formula, the coefficient will change to 0.18 (now 0.19) and the size of the MMA will be EUR 642 (now EUR 607).
For a resident whose monthly income related to an employment relationship or a corresponding relationship in its essence does not exceed the MMA (642 euros), the applicable monthly NPD will remain at 400 euros. The highest monthly NPDs for people with disabilities are also unchanged (€ 600 and € 645).
The annual NPD of the population will change accordingly from the beginning of next year.
These changes will change the monthly and annual NPD application limits. That is, the amount of remuneration above which the tax-free allowance no longer applies.
The monthly NPD will not be applied above € 2,864 before taxes (now € 2,713). At that time, the annual NPD will not be applied from the threshold of € 34,370 (from € 32,545 in 2020).
As a result of these changes, the after-tax salary of many employees will increase slightly. How exactly will depend on whether you accumulate a pension in the second pillar funds.
For example, if you earn a minimum wage of € 642 (before taxes) and you do not earn, you should receive about € 1.3 more per month next year. At that time, he was earning an average of 1.4 thousand. Salary and not cumulative, should be put in the hands of about 2.8 euros more per month.
It is true that, at least for the self-employed, they may have to pay higher sums to the state, as an increase in MMA will lead to an increase in mandatory health insurance contributions. Starting next year, they will increase by € 2.44 per month up to € 44.81.
For those who earn more, a higher tax
As of the beginning of next year, the amount of the annual rent foreseen in the PIT Law changes, above which a progressive rate is applied to the excess.
The part of the annual income received that exceeds 60 average salaries (VMU) will be taxed at 32 percent. GPM rate (now this rate is charged in excess of 84 VMU, that is, an amount greater than € 104.27.60).
The portion of revenue that does not exceed 60 VMU (84 VMU in 2020) will remain subject to the usual 20%. Tax rate.
In general, starting next year, more people who earn more money (more than 5 VMU a month, or about 7,000 euros) will pay a higher income tax.
On the other hand, the same people will pay lower contributions to Sodra. Your contribution “ceiling” will also drop to 60 VMU per year or 5 VMU per month.
Relevant for drivers and other heavy travelers
Typically, one part of the pay for trucks and other drivers consists of a normal salary, from which all taxes are paid, and the other part is a duty-free mission allowance.
As mentioned, starting early next year, MMA will increase to € 642 (now € 607) and the hourly minimum wage to € 3.93 is now € 3.72).
As R. Virvilienė observes, taking this into account, in case of a business trip abroad, the following will be exempt from income tax: the total amount of allowances abroad, if: the employee’s salary is equal to or greater than 1059 , 30 euros (now – 1,001.55 euros) or the hourly rate is equal to or greater than € 6,485 (now € 6,138).
In the event that the salary or hourly rate is lower, the daily allowance for business trips abroad, the total amount of which is equal to or less than 50% per month, is not subject to income tax. the salary set for the employee. The amount of the daily allowance, which will exceed 50 percent. wages will be taxed as employment-related income.
The fumes will keep rising
The rates of excise duty on unmanufactured tobacco, cigarettes and other manufactured tobacco will change as of March 1, 2021.
The specific item for cigarettes will increase to € 69.40 (now € 65.7) and the combined rate of excise duty will be at least € 115.5 per 1000 cigarettes (now € 108.5). As a result, a pack of cigarettes can go up in price by about € 0.14.
For cigars and cigarillos EUR 55 per kg (now EUR 48) and for tobacco smoking EUR 90 per kg (now EUR 78.5).
Property tax values have changed
The STI representative pointed out that the modifications to the Real Estate Tax Law in 2021 have not yet.
However, we note that this year the tax values of real estate objects are being recalculated (that is, a massive valuation of real estate is being carried out), which will take effect from 2021. January 1
Therefore, residents and legal entities pay the property tax for the year 2021. The tax period must be calculated according to the new tax values established by the Registry Center ”, commented R. Virvielienė.
As many of them have increased, so will the real estate tax that you will have to pay more.
The real estate tax rate varies depending on the value of the property and ranges from 0.5 percent. up to 3 percent. True, only the value of the property that exceeds 150 thousand. euros.
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