- Amendments to Various Articles: The document proposes amendments to multiple articles (13, 28, 31, 32, 57, 58, 64, 71, 711, 72, 74, 75, 77, 79, 80, 81, 83, 84, 85, 881, 891, 92, 97, 98, 106, 117, and 118) of the Lithuanian Value Added Tax (VAT) Law No. IX-751. These amendments include changes to the definitions and conditions under which VAT is applied and calculated.
- Introduction of New Articles: The law introduces new articles (712, 741, and 883) to address specific scenarios such as the registration of Lithuanian taxable persons intending to apply small business schemes in other member states and the provision of identification numbers for these schemes.
- Small Business Schemes: Significant changes are made to accommodate small business schemes both within Lithuania and in other EU member states. This includes provisions for registration, VAT calculation, and reporting requirements for businesses opting into these schemes.
- VAT Calculation and Reporting: The amendments detail the procedures for calculating and reporting VAT for various transactions, including those involving cultural services, real estate rentals, and cross-border services. Specific rules are provided for the issuance and content of VAT invoices.
- Implementation Timeline: The law is set to come into effect on May 1, 2025. The central tax administrator is required to issue implementing regulations by April 30, 2025. The law also includes transitional provisions for assessing compliance with turnover thresholds for small business schemes starting from January 1, 2025.
Source lrs.lt
