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
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 [...]
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 [...]
Following Lithuania's adoption of the Euro, the Distance Selling threshold has changed from LTL 125K to EUR 35K as of 1 January 2015. The threshold for supplies of goods and/or services made in Lithuania is EUR 45,000.
On 23 July 2014 the General Affairs Council of Ministers of the European Union adopted the final decision on Lithuania’s membership of the euro area from 1 January 2015. From this date Lithuania will become the 19th full-fledged member of the euro area and will start using the euro as [...]