Lithuania Tax Agency Issues Updated Summary Explanation on VAT Law

The Lithuanian State Tax Inspectorate Dec. 16 issued an updated summary explanation to reflect amendments to the VAT Law’s financial services provisions under Law No. XV-366/2025, which enter into force Jan. 1, 2026. The new commentary reflects: 1) amendments concerning currency conversion transactions with VAT-taxable persons applying the small business regime, including the removal of a reference to a 24-month period for the person to choose whether to impose VAT; 2) the removal of a reference to a detailed list of exempt financial services established by an institution authorized by the Lithuanian Government; and 3) an amendment specifying that mere ...