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TAX NEWS - January 2010

Lithuania Tax: Changes to Lithuania VAT

Several changes to Lithuania's VAT law came into effect on 1 January 2010, including rules implementing the EU VAT package. Additionally, the transfer of a business, or a part thereof, when the acquiring company continues the activity, is no longer subject to VAT and the three-year period for adjusting VAT deductions (in particular, increasing deductible amounts) is abolished, so the general limitations (i.e. the current year, plus the five previous years) apply.

As from 2011, a supplier will be given an option as to whether to calculate VAT on advance payments when goods or services are supplied within 12 months of concluding a contract; however, if the supply takes place after 12 months, the supplier will be required to calculate VAT.
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