Approaching Deadline: Essential Guide to the May 4th Property Declaration

The State Tax Inspectorate (VMI) has issued a reminder that a significant number of residents have yet to submit their annual property declarations. According to the latest data, while approximately 52,000 individuals have already filed their declarations, another 51,000 must still meet the upcoming May 4th deadline. As accounting professionals at UAB Centro apskaita, we highly recommend taking care of this obligation promptly to avoid any last-minute stress.

The legal requirement to declare property applies to politicians, civil servants, heads and deputy heads of budgetary and public institutions, municipalities, and state enterprises. Furthermore, this obligation extends to judges, notaries, other individuals specified in the Law on the Declaration of the Property of Residents, and their family members.

Representatives from VMI emphasize that for the vast majority of residents, declaring property is a simple and straightforward process. Therefore, it is highly advisable to complete it well ahead of the deadline. The annual resident or family property declaration must include real estate and other registered assets held at the end of the previous year. Additionally, certain qualifying loans, securities, monetary funds, and other assets outlined by the law must be reported.

Property declarations can be conveniently submitted online by logging into the Electronic Declaration System (EDS). For further details regarding property declaration procedures and a comprehensive list of individuals subject to this requirement, please visit the official VMI website under the "Property Declaration" section.