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 basis;
- The current option for businesses with an annual turnover of no more than EUR 60,000 to apply a six-monthly tax period will be removed.
As of 1st January 2019, the scope of the reduced 9% rate of VAT is extended to firewood and wood products for the heating of domestic premises as defined by the Republic of Lithuania’s Law on Energy.