Summary
Lithuanian Prime Minister Algirdas Brazauskas announced Thursday that the Lithuanian government may phase in a flat rate income tax of 24 percent by 2008. The goal, according to Prime Minister Algirdas Brazauskas, is to bring the country in line with other countries in the region. Other countries in the area, like Latvia, Estonia, and Slovakia, have also adopted the simpler tax rates. Lithuania's top income tax rate is currently at 33 percent.
Original source:
http://washingtontimes.com/upi-breaking/20050324-102603-7269r.htm
Details
- The Lithuanian government may phase in a flat rate income tax of 24 percent by 2008, Prime Minister Algirdas Brazauskas said Thursday.
- Brazauskas said the move was being considered to bring Lithuania into line with other countries in central and eastern Europe that either have low flat tax rates or intend to implement them.
- Lithuania's top income tax rate currently stands at 33 percent.
- Slovakia put in place a flat rate for income, corporate and value added taxes of 19 percent in January 2004.
- There is talk in Bratislava of reducing that rate still further.
- Lithuania's fellow Baltic states also have relatively low income tax rates.
- Estonia's stands at 24 percent and should come down to 22 percent next year.
- Latvia's tax rate stands at 25 percent.
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