New threshold for quarterly VAT returns in Lithuania
As from 1 July 2019, the thresholds to determine monthly or quarterly VAT reporting have changed.
18 June, 2019
Monthly reporting remains the standard reporting period. However, following the amendments published last December 2018, taxpayers will be allowed to submit quarterly VAT returns if their annual turnover does not exceed €300,000.
SAF-T files are still required to be submitted monthly in all cases. Monthly reporting of VAT returns is also required when carrying out certain transactions such as intra-Community acquisitions.
An application must be submitted by those taxpayers meeting the conditions to file quarterly VAT returns. This application can be filed with 8 days before the beginning of the quarter.
It is important to ensure that you are filing your VAT returns with the correct frequency. The conditions for monthly or quarterly filing change from one country to another. Some jurisdictions like Spain or Portugal take into account the annual turnover, other countries consider the annual VAT due, like France or Germany, and some other countries always required a standard monthly period, like the UK.
Contact Marosa to do a health-check on all your filing periods and get help to set up a process to follow up on the relevant threshold in each country.