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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…
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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Declaration on Compliance of Packaging
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)…
Easier debt recovery using PLAIS system
The system centralises administration of information on monetary fund restrictions, sends information to banks on restrictions orders and proportionally distributes funds to creditors. Previously a…
Reverse-charge VAT
Reverse-charge VAT is applied on goods bought together with installation services. It must be noted that this applies only in cases when such goods are…
Decisions of European Union Court of Justice
09 October 2014 ECJ Case C‑492/13 (Traum EOOD) – The ECJ spoke up that the tax administrator cannot preclude granting a VAT exemption in respect…