Lithuania i.MAS (SAF-T)
Lithuania introduced its version of Standard Audit File for Tax (SAF-T) on 1 October 2016. It is known at i.MAS. The obligation to report accounting transactions under SAF-T commences 1 January 2019.
Lithuania’s i.MAS consists of eight pillars
The first three launched are:
- 1. i.SAF invoice data (1 Oct 2016). This XML electronic register of sales and purchase invoices is submitted monthly with the VAT return by the 20th of the month end following the reporting period. All VAT registered businesses must complete the submission.
- 2. i.VAZ transport / consignment document XML data (1 Oct 2016). Supporting documents for domestic movements of goods by road
- 3. i.SAF-T accounting transaction reporting (1 Jan 2019) for resident businesses only. This will not be mandatory; instead only on request. There is a reporting threshold of €8 million sales per annum. In 2020, this will be reduced to €0.7m per annum the following year.
SAF-T is an electronic schema developed for the efficient exchange of information between the tax authorities and businesses. It was created by the Organization for Economic Cooperation and Development in 2005 as a standard to be used globally to ensure consistency from country-to-country to facilitate exchange of data between tax authorities. The file requirements are expressed using XML, although the EU does not specify the exact file format.
There are generally five reporting requirements:
- 1.General ledger and supporting journals
- 2. Accounts payable, including supplier master data and invoices
- 3. Accounts Receivable, with customer master data and invoices
- 4. Warehouse inventories, and master data
- 5. Fixed assets ledger, including amortisation