Lithuania was the last country to announce the requirement for all taxpayers to submit the VAT ledgers on a periodic basis. The new ledgers return will need to provide transaction data on all issued and received invoices in Lithuania. It will apply from 1 October 2016 and, in principle, it requires electronic submission of your ledgers on a monthly basis.
This requirement was already introduced in Czech Republic, Portugal, Hungary, Poland and Spain. Some tax authorities have recently announced the achievements of these new obligations in the purpose of reducing VAT fraud and increasing revenues....Read more
Lithuania recently reduced the Intrastat threshold from €290,000 to €280,000 for Arrivals and from €215,000 to €200,000 for dispatches. This is an unusual change in the European Union as Member States normally increase their thresholds periodically (not decrease them). Lithuania had previously increase its threshold in 2015.
Intrastat returns are statistical declarations with detailed information about the movement of goods from one Member State to another. They are only required when the applicable threshold in the country involved is exceeded. The combination of detailed...Read more
Lithuania extended the reverse charge mechanism on construction services to the supplies of goods with installation related to construction.
Reverse charging VAT is an exception to the general VAT rules. Normally, it is the supplier who must account to the tax authorities for any VAT due on the supply. However, for certain goods and services, the obligation to account for the VAT element of the transaction is ´reversed´ and passed to the customer. From an accounting point of view, this system only requires the VAT element to be booked for the same amount in the input VAT account and output VAT...Read more
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