- A new law amending the VAT Law No. IX-751 was adopted on April 10, 2024, and will take effect on May 1, 2025.
- The amendments align with EU regulations updating VAT rules for small businesses and services related to culture, arts, sports, education, science, and entertainment.
- Key changes include criteria for small businesses to be exempt from VAT registration and payment obligations, based on annual turnover.
- For 2025, the total remuneration for goods and services provided in the country is calculated from January 1.
- Lithuanian small businesses operating in other EU countries must notify the tax administrator in advance and will receive a VAT identification number with an EX suffix.
- These businesses must also submit quarterly activity reports to the Lithuanian tax administrator.
- From May 1, 2025, Lithuanian taxable persons must register for VAT for services acquired from foreign taxable persons and for services where the place of supply is another EU country.
Source: vmi.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.
