Lithuania’s Social Democratic Party Vilija Blinkevičiūtė, announced her party’s tax reform plans in anticipation of the upcoming election on 24 September 2024. She stated that if her party comes to power after the forthcoming parliamentary elections, it will tax luxury assets, increase the income tax (GPM) rate for higher earners, and raise corporate taxes.
The proposal includes introducing a levy of additional taxes on luxury cars, yachts, and private planes and increasing corporate taxes following this year’s 1% rise in corporate tax rate.
The Lithuanian Social Democratic Party (LSDP) also promises to increase redistribution through the budget to 36% of the gross domestic product (GDP). According to Blinkevičiūtė, this would allow the state budget to collect an additional EUR 3 billion in revenue. In addition, she said that the Social Democrats would extend the bank solidarity contribution tax.
