Lithuania introduces VAT ledgers return
Lithuania was the last country to announce the requirement for all taxpayers to submit the VAT ledgers on a periodic basis.
27 July, 2016
VAT ledgers return introduced in Lithuania
The new VAT 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. In some instances, the requirement to submit this information includes real-time data, so businesses need to provide details about their transactions as and when they issue or receive invoices.
Marosa is on top of all changes and system requirements in those countries where the authorities require VAT ledgers to be submitted electronically. We suggest looking at your ERP reports well in advance in order to avoid last minute issues of content and format in your data. Contact us if you need help from our VAT and IT specialists in each country.