Lithuania Tax Agency Posts Updated Summary Explanation on Currency Conversions of VAT Taxable Value

The Lithuanian State Tax Inspectorate Nov. 13 posted an updated summary explanation on VAT Law amendments under Law No. XV-366/2025 regarding currency conversions of taxable value, entering force Jan. 1, 2026. Topics covered include that: 1) in specified cases when the taxable value isn’t in euros, it must be converted into euros at the time of taxation using the euro-foreign currency ratio under the Law on Financial Accounting; 2) if the consideration payable changes after the supply is completed, like due to credits or debits, and it’s impossible to determine the accounting document data to which the adjustment is being ...