Lithuania publishes VAT compliance notes for Euro implementation
- 05 October 2014 | Richard Asquith
Lithuania is set to become the 19th member of the Euro currency union on 1 January 2015.
On September 23 2104, the tax office issued guidance notes on how to apply the new currency in terms of VAT compliance obligations. The new VAT registration threshold will still be based on the prior twelve months’ turnover, but the actually threshold will be expressed in Euro’s at the official conversion rate on 1 January 2015. This includes the obligation to produce VAT compliance invoices with prices and VAT calculations in Euro’s. Any invoices or filings produced in Litas will be rejected by the tax office.
Any VAT filings which span the transition period should still be reporting in the local Litas currency.