The Lithuanian government has recently approved a proposal to be submitted to parliament that would allow lower revenue taxpayers to account for VAT when the payment for good or services supplied is received, instead of when the invoice is issued. If adopted by parliament, the new special rules may be applied by existing taxpayers with annual revenue not exceeding EUR 60,000, and new taxpayers whose annual revenue is not expected to exceed EUR 60,000. In order to apply the rules, an election must be made by the taxpayer.