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Lithuania Adopts Tax Administration Amendments

26 August 2015

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Approved Changes

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Lithuania

On 25 June 2015, the Lithuanian parliament adopted several amendments to the country's Law on Tax Administration. The amendments are focused primarily on individual financial reporting requirements, but also include a number of new requirements for legal entities. Under the new rules, legal entities must annually report: Any money received from individual members if the amount is equal to or exceeds EUR 15,000; Any liabilities to or of individuals if related to business activities and the amount is equal to or exceeds EUR 15,000; Any employed non-resident individuals; and Any services received from a non-resident legal entity in Lithuania if...