How income from the sale of movable property registered in Lithuania is taxed

Personal income tax (hereinafter referred to as “PIT”) on the sale proceeds of movable property registered in Lithuania (not linked to self-employment economic activities) is calculated as follows:

 

*sale proceeds: the amount you sold the registered movable property for;

**purchase price: the purchase price of the registered movable property, or, where the property is acquired by means other than purchase, the purchase price determined in accordance with the procedures established by law;

           ***compulsory payments: costs necessarily incurred when selling the property (e.g. State Enterprise Regitra car registration fees, customs duties); Repair costs of movable property registered in Lithuania (e.g. a car) are neither attributed to its purchase price nor to compulsory payments. Therefore, you cannot deduct these costs from the sale proceeds;

**** Income received in Lithuania which is subject to tax: interest, royalties, rental income from immovable property located in Lithuania, income from sporting and performing arts activities, income from the sale/other transfer of ownership of immovable property located in Lithuania and movable property subject to legal registration in Lithuania. If the amount of such income does not exceed 120 average national wages per year (hereinafter referred to as “ANW”) (120 ANWs in 2024 amounted to EUR 228,324; 120 ANWs in 2023 amounted to EUR 202,188; 120 ANWs in 2022 amounted to EUR 180,492; 120 ANWs in 2021 amounted to EUR 162,324; 120 ANWs in 2020 amounted to EUR 148,968), then it is taxed at an income tax rate of 15%; and if it exceeds 120 ANWs, then the part in excess is taxed at an income tax rate of 20%.