Lithuania Tax Agency Posts Updated Summary Explanation on Input VAT Deductions

The Lithuanian State Tax Inspectorate Nov. 19 posted an updated summary explanation regarding input VAT deductions. The update includes that: 1) input VAT is includable in the deduction for invoices specifying this amount and that the taxpayer was the buyer; 2) if the VAT payer included any input VAT on advances paid to the supplier in the deduction, the input amount must be reduced in accordance with the final invoice; 3) input VAT is only includable in the deduction if the VAT payer has an invoice or certified copy of a lost paper invoice; and 4) input VAT for goods ...