News
Interview with Zita Merkelienė, Country Manager for Leinonen Lithuania
Economical situation in Lithuania is on the level that new foreign investments are quite active in our country. Even though the growth of the economy…
European Union Court of Justice – VAT taxation of unused local flight tickets
EUCJ has explained, that the issue by an airline company of tickets is subject to value added tax where the tickets have not been used…
Smart Tax Administration System (I.MAS) – 7 subsystems
I.MAS will consist of 7 subsystems:1. Smart cash register subsystem (i.EKA) – taxpayers will be obliged to provide information to the tax authority on cash…
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Tax news 2016
• One due date rule has been established for tax payments and declarations – by the 15th day of the respective month, except VAT, which…
The exchange of ‘bitcoin’ into traditional currency – VAT treatment
EUCJ ruled, that aforementioned transactions constitute the supply of services for consideration and are exempt from VAT according to article 135 (1) e of Directive…
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Declaration on Compliance of Packaging – new revision from 1 January 2016
The procedures shall be applied to all empty packaging and packaging filled with goods placed on the market, except for the packaging filled with goods,…
Social security tax – additional voluntary transfer to pension funds
Therefore, the companies will have to deduct from the salary the following social security contributions:• 9% (standard tax rate applied to employees who did not…
3 essential factors for the successful performance of inventory obligations
The said obligation is enforced in the Law on Financial Accounting of the Republic of Lithuania, indicating thereof that accounting data are based on the…
Recognition of expenses according to cash receipts
threshold of EUR 100 on acquisition of goods or services that could be recognised as costs by cash receipts; threshold of EUR 150 (including VAT)…