Officials advise residents not to submit their income declarations to the State Tax Inspectorate (VMI) yet due to incomplete data submissions by many parties.
The process of income declaration in Lithuania has begun, with the majority of required data already submitted. According to M. Endrijaitis from the State Tax Inspectorate, more than 110,000 out of 127,000 individuals, companies, and institutions required to submit data have complied, covering a range of income and expense-related information. However, about 4% of data is still missing, leading officials to advise residents to carefully verify if their declarations contain all necessary information.
Daiva ÄŒibirienÄ—, president of the Lithuanian Association of Accountants and Auditors, echoed the sentiment that residents should refrain from submitting their declarations at this time because important information is still lacking. She indicated that there may be significant omissions concerning various expenses that could affect the accuracy of tax declarations. The caution directed towards residents highlights the importance of thorough preparation and accuracy in financial reporting to avoid potential issues with tax liabilities.
The announcement is crucial as it emphasizes the commitment of Lithuanian tax authorities to ensure that residents accurately report their income and expenses. The focus on completeness in submissions is part of broader efforts to enhance tax compliance and ensure that the full financial picture is accurately represented in official tax records, thereby benefiting the state’s revenue system.
