Lithuania i.MAS (SAF-T)

Lithuania introduced its version of Standard Audit File for Tax (SAF-T) on 1 October 2016. It is known as i.MAS. The obligation to report accounting transactions under SAF-T commences July 2018.

Lithuania’s i.MAS consists of eight pillars

The first three launched are:

  1. i.SAF invoice data (1 Oct 2016). This XML electronic register of sales and purchase invoices is submitted monthly with the VAT return by the 20th of the month end following the reporting period. All VAT registered businesses must complete the submission.
  2. i.VAZ transport / consignment document XML data (1 Oct 2016). Supporting documents for domestic movements of goods by road
  3. i.SAF-T accounting transaction reporting (1 Jan 2019) for resident businesses only. This will not be mandatory; instead only on request. There is a reporting threshold of €8 million sales per annum. In 2020, this will be reduced to €0.7m per annum the following year.

About SAF-T

SAF-T is an electronic schema developed for the efficient exchange of information between the tax authorities and businesses. It was created by the Organization for Economic Cooperation and Development in 2005 as a standard to be used globally to ensure consistency from country-to-country to facilitate exchange of data between tax authorities. The file requirements are expressed using XML, although the EU does not specify the exact file format.

There are generally five reporting requirements:

  1. General ledger and supporting journals
  2. Accounts payable, including supplier master data and invoices
  3. Accounts Receivable, with customer master data and invoices
  4. Warehouse inventories, and master data
  5. Fixed assets ledger, including amortisation

Latest Lithuanian news

EU VAT and tax veto review

January 25, 2019

The European Commission (EC) has proposed switching from unanimous to majority voting on EU VAT and other tax policies.  The aim is to progress fiscal reforms which face immovable opposition from just a limited number of member states. 

EU implements VAT generalised reverse charge

January 09, 2019

The EU VAT Directive has been updated from 1 January 2019 to introduce a voluntary generalised reverse charge measure on domestic transactions in member states.

EU e-book VAT rate cuts

December 28, 2018

Following agreement by EU member states to permit cutting the VAT rate on e-books and online journals to match the reduced/zero rating permitted on their paper-based equivalents, the following countries have already announced reductions...