Lithuania SAF-T compulsory Oct 2016
- European News
- Aug 25, 2016 | Richard Asquith
From 1 October 2016, Lithuania launches a new portal (i.MAS) for the compulsory submission of SAF-T reporting for VAT registered businesses.
Standard Audit Files for Tax (SAF-T) is a data protocol for the efficient transfer of taxable transaction data between taxpayers and the tax authorities. It was developed by the OECD, and has now been rolled out in six EU states.
The new Lithuania portal will accept obligatory SAF-T filings for: 1) Sales and Purchase Invoice Data; 2) Accounting Data. Invoice Data is compulsory from 1 October 2016. Accounting Data will only be required from January 2017.
There are five such ‘structures’ within the OECD’s original schema.
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