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• One due date rule has been established for tax payments and declarations – by the 15th day of the respective month, except VAT, which is to be paid by the 25th day of the respective month. Moreover, VAT advance payments were rejected, and one monthly advance excise tax payment is determined by the 15th of the current tax period.
•Since 1 April 2016 a new provision of the Code of Administrative Offences of Lithuania comes into the force which specifies penalties for failure to follow the transfer pricing documentation procedures. The first offence entails a penalty of EUR 1 400-4 300, the repeated offence – EUR 2 900-5 800.
Penalties may be issued if upon the demand of a tax administrator, the company does not present the required data within 30 days or incomplete information is provided in the documents not allowing the tax authority to assess the pricing applied.
• Since 1 January 2016 notaries will be enabled to issue receiving-order, which could be presented to bailiffs. Receiving-orders can be using related to all notary contracts when one party does not fulfil its monetary obligations.
