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 …


Lithuania

Lithuania raises Intrastat reporting threshold

December 11th, 2014

The Lithuanian VAT authorities have confirmed that the annual turnover thresholds for Intrastat reporting are to rise from 1 January 2015. The new thresholds have also been restated in Euro’s for the first time following the adoption of the European currency from 1 January 2015. For the reporting of intra-community arrivals, the threshold will be …


Lithuania

Lithuanian Intrastat

November 18th, 2014

In addition to VAT returns, foreign companies trading in Lithuania may be required to complete a statistical report, or ‘Intrastat’, on the movement of goods across the national borders. This can include both sales to other companies, but also the movement of goods by the same company. What information is included in a Lithuanian Intrastat …


Lithuania

Lithuanian EC Sales list

November 18th, 2014

If a Lithuanian VAT registered business, resident or non-resident, is selling goods or services to other VAT registered companies in Europe, then an EC Sales List (ESL) return may be required. These may also be known as recapitulative statements. This is in addition to the regular Lithuanian VAT return or Lithuanian Intrastat. ESLs can be …


Lithuania

Lithuanian VAT invoice requirements

November 18th, 2014

Lithuanian VAT rules on the format and information to be provided on invoices broadly conform to the obligations of the EU VAT Directive and its VAT invoice requirements. Date of issuance and storage of Lithuanian invoices Lithuanian VAT invoices should be issued immediately following the taxable supply. In the case of long term services such …