The income in-kind thriller to be continued

Commentary of the LFMI president Rūta Vainienė in the daily “Lietuvos žinios“. The majority of tax – payers believed that all the automobile-related income in-kind was included into the 0.75 % of its market price. It turned out, however, that fuel was not included. If a company shows that a car is used for both personal and business purposes, it will be subject to additional personal income tax on the fuel used for personal purposes. No formal documents that would reveal plans to impose additional tax on fuel are available. The LFMI president emphasized that taxing income in-kind will cost more than the income the budget generates.
We are happy to note that after the February 22 comments of the LFMI president Rūta Vainienė had been published , the State tax Inspectorate (VMI) circulated information about the most recent amendments – fuel, separately, will not be considered income in-kind .