Lithuania | Implementation of the EU’s four ‘Quick Fixes’ for VAT

By |February 3rd, 2020|

The Lithuanian parliament has approved the Ministry of Finance’s draft budget bill for 2020. This includes amendments implementing new EU VAT rules in regards to the cross-border supply of goods within the EU, also known as the “Quick Fixes.” The Quick Fixes were adopted on the 17 December 2019 in [...]

Lithuania | New Quarterly VAT Reporting Periods for Small Businesses | Change to Scope of 9% VAT Rate

By |April 2nd, 2019|

As of 1st July 2019, the following changes to VAT reporting periods will come into effect: Small businesses (i.e.: with an annual turnover of no more than EUR 300,000) will be allowed to apply for a quarterly tax period. Currently, they are required to file VAT returns on a monthly [...]

Lithuania | Anti-fraud Measure Applied to Supplies of Hard Drives from March 2019

By |March 7th, 2019|

  On 25th February 2019, the Commission published Council Implementing Decision 2019/309 permitting Lithuania to introduce the reverse charge mechanism to supplies of hard drives, as of 1st March 2019. Lithuania has discovered missing trader fraud relating to its cross-border supplies of electronic goods such as laptops, mobile phones, tablets [...]

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