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 price of LTL 4.8 million given that, at the time, the land was considered building land subject to VAT. As a taxable supply, SEB Lizingas paid the amount of VAT due on that transaction and...