We would like to inform that Lithuanian government has introduced new one-time subsidy which may be paid within 3 business days. The above-mentioned support measure can be used by small companies, so called micro companies.
Please be noted, that small companies, which meet the certain criteria may get a notification via "ManoVMI" system to fill an application. The notifications may be received from 12 May 2020. Please find below the criteria which must be met:
- on 1 May 2020 the company had no less than 1 and no more than 9 employees;
- the company is included in the list of taxpayers which were negatively affected by the COVID-19 pandemic;
- the Company is not performing bankruptcy, restructuration or liquidation procedures.
We would like to note, that one-time subsidy is calculated according to PIT amounts paid by the company in 2019 which are mentioned below:
- if the company's total PIT amount paid in 2019 does not exceed EUR 1.000, the one-time subsidy would be EUR 500;
- if the company's total PIT amount paid in 2019 is between EUR 1.000 and EUR 2.000, the one-time subsidy would be EUR 1.000;
- if the company's total PIT amount paid in 2019 exceeds EUR 2.000, the one-time subsidy would be half of the PIT amount paid in 2019.
Once the application is submitted, the State Tax Inspectorate will calculate the amount of the subsidy and will forward the information to the Ministry of Economy and Innovation.
Please be reminded that Leinonen Tax Team can provide comprehensive tax advice, review various documents and comment on potential risks.
The information above is prepared by the Leinonen Tax Team.