- Seimas approved a law project by the Ministry of Finance to update VAT taxation rules.
- The changes align with new EU regulations and are relevant for small businesses in Lithuania.
- The aim is to reduce administrative burdens and create a favorable tax environment for small businesses.
- The project allows small businesses from other EU countries not to register for VAT in Lithuania if they do not exceed the set threshold.
- Lithuanian small businesses can also avoid VAT registration in other EU countries under similar conditions.
Source: finmin.lrv.lt
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
