OrbitaxCJEU Holds that Member States Must Apply Their Own Mechanism for Adjustments for VAT Deductions Claimed on Exempt Supplies
|Approved Changes|European Union-Lithuania
A judgment of the Court of Justice of the European Union (CJEU) has been published concerning the requirement to make an adjustment for an unlawful value added tax (VAT) deduction and the mechanism for such adjustment. The case involved Lithuania-based SEB bankas AB, the successor of SEB Lizingas UAB, which in March 2007 purchased six plots of land from VKK Investicija for a VAT inclusive pric…
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