Lithuania Tax Agency Seeks Comments on Draft Amendment to VAT Law Commentary Regarding Property Rentals

The Lithuanian State Tax Inspectorate April 16 opened a consultation on a draft amendment to the commentary on Article 31 of the VAT Law concerning real estate rentals. The draft amendment includes: 1) that the VAT relief applies to the rental of residential properties registered as residential buildings; 2) the classification of structures and properties, including what constitutes a residential building; 3) that long-term residential property rentals, such as rentals exceeding two months, are exempt from VAT, and that short-term residential property rentals, such as rentals for under two months, are subject to VAT at the standard rate; and 4) ...