News
Explanation regarding issuing VAT invoices for advanced payments and afterwards – for “final” VAT invoice
Below is an explanation regarding issuing VAT invoices for advance payments received and issuing “final” VAT invoice for the supply of goods/services.1. VAT…
New Code of Administrative Offences
Below is a short description of the main changes, related to the finances of legal entities or their branches / representatives: According to the Code,…
TOP 1 mistake in VAT during 2016: typical situations, when the supply or transfer of goods from Lithuania to another EU country is subject to VAT taxation in Lithuania
Making analysis of various VAT schemes of our Clients, we have noticed, that Clients do not take into account the negative tax consequences, related to…
New EU Regulation on services, related to immovable property
According to the Regulation, the following shall be regarded as immovable property: · any specific part of the earth, on or below its…
Amendments to VAT and Excise Duties Laws
Moreover, from 1 January 2017 the VAT Law amendments come into force, on the grounds of EU Regulation No. 952/2013 from 9 October 2013, which…
Incentives for companies providing services to pursue business in Free Economic Zones
Previously, the company could use the tax incentive if it was registered in FEZ, had the capital investment of no less than EUR 1 million…
Information concerning business trips of employees
Business trips to Lithuania The Law mentioned above is applied when an employee is posted to work temporarily in Lithuania:1. under a contract…
Decision of The Supreme Administrative Court of Lithuania regarding the right to input VAT deduction to bankrupting companies
The bankruptcy administrator representing the bankrupting companies has purchased services (e.g., accounting, security of real estate, legal, electricity and others) which were essential and unavoidable…
Submission of the consignment notes’ data to i.VAZ system
1. Is it obligatory for entities to submit the data from consignment notes to i.VAZ? There is an obligation to submit the data from…