Lithuania Tax Agency Issues Letter, Updated Guidance on VAT Amendments for Individuals

The Lithuanian State Tax Inspectorate Aug. 29 issued Letter No. RM-41250 and updated guidance on VAT Law amendments for individuals, which entered into force May 1. Topics covered include: 1) the VAT registration requirement for individuals acquiring goods from other EU countries exceeding or expected to exceed 14,000 euros (US$16,332) in a previous or current calendar year, excluding VAT paid or payable to the other EU country; 2) the obligation to calculate and pay VAT using specified methods, and to submit returns by the 25th of the following month; 3) voluntary registration by individuals intending to start an economic activity; ...