Lithuania State Tax Inspectorate Issues FAQs on CRS, FATCA Rules

The Lithuanian State Tax Inspectorate Nov. 11 issued FAQs on individual and financial institution reporting obligations under common reporting standards (CRS) and U.S. Foreign Account Tax Compliance Act (FATCA). Topics covered include: 1) the application of FATCA rules to natural and legal persons; 2) the reporting requirements under FATCA for financial institutions providing payment services in Lithuania; 3) that banks must provide FATCA data for 2020 by Sept. 30, 2021; and 4) that the companies providing digital platforms for transactions must provide information on reportable accounts under CRS and FATCA’s policy to prevent tax evasion. [Lithuania, State Tax Inspectorate, 11/11/19] ...