United Kingdom

Digitisation of VAT Reporting

April 5th, 2018

European countries are increasingly demanding detailed electronic VAT transactional reporting from businesses to help them efficiently track tax due and reduce significant tax evasion. This includes: EU SAF-T; Making Tax Digital in the UK; live invoice reporting in Spain, Hungary and Italy; and Control Statements. Many countries have now introduced voluntary and mandatory transaction reporting …


Lithuania

Lithuania i.MAS (SAF-T)

April 4th, 2018

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 July 2018. 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 …


Lithuania

Lithuania SAF-T July 2018

March 14th, 2018

Lithuania is to launch its delayed Standard Audit File for Tax (SAF-T) in July 2018. SAF-T was original introduced to the country in 2016 for invoice listings and transport documentation. But this was effectively just an e-invoice reporting requirement. The third requirement, SAF-T accounting transactions, was delayed from 1 January 2017. Initially, only resident companies …


Lithuania

Lithuania 9% hotel VAT

December 24th, 2017

The Lithuanian parliament has approved the reduction of VAT on hotels and related tourism accommodation to 9%. The current standard VAT rate is 21%. The new rate will only apply until the end of 2022. The new rate will apply from 1 January 2018. Most countries in the European Union offer a VAT subsidy on …


Lithuania

Lithuania SAF-T compulsory Oct 2016

August 25th, 2016

From 1 October 2016, Lithuania launches a new portal (i.MAS) for the compulsory submission of SAF-T reporting for VAT registered businesses. Standard Audit Files for Tax (SAF-T) is a data protocol for the efficient transfer of taxable transaction data between taxpayers and the tax authorities. It was developed by the OECD, and has now been …


Lithuania

Lithuania VAT invoice registers

July 14th, 2016

Lithuanian VAT registered businesses will be required to maintain register of VAT invoices and transport paperwork. The requirement will cover both sales and purchase invoices. All movements of goods are covered – domestic and cross-border to both EU and non-EU countries.  The measure is designed to reduce extensive VAT fraud which is estimated to cost …