VAT solutions in Lithuania
Managing VAT is an essential part of a company’s financial duties in Lithuania. Successfully dealing with the complexities of VAT regulations necessitates a thorough comprehension of the rules and careful attention to detail. Our strategy is centered on assisting businesses in confidently tackling these challenges, maintaining compliance while uncovering opportunities for VAT improvement. By prioritizing precision and strategic perspective, we empower companies to meet their VAT responsibilities efficiently and effectively, offering reassurance in an ever-changing tax environment.
VAT rate
Lithuania utilizes a VAT system featuring a standard rate of 21%, along with reduced rates of 9% and 5% applicable to select goods and services. Businesses that surpass a certain threshold must register for VAT. Certain services, including financial, healthcare, and education, are exempt from VAT. Non-residents offering taxable services may be required to register for VAT as well. Companies must file VAT returns periodically and adhere to local VAT regulations to prevent penalties. The VAT framework incorporates mechanisms such as reverse charges for specific cross-border transactions.
Our VAT services
We provide a wide array of services aimed at helping businesses navigate the complexities of VAT in Lithuania. Our aim is to guarantee complete compliance while enhancing your VAT situation, enabling you to concentrate on expanding your business. Our offerings consist of:
VAT compliance
Our VAT compliance services guarantee that your VAT returns are accurately prepared and submitted punctually, fully adhering to both local and international VAT regulations. We assist you throughout the entire process, offering professional guidance on the required documentation and submission deadlines. This support helps maintain your business’s compliance and reduces the likelihood of penalties and other VAT-related complications.
VAT planning and optimization
We provide services for VAT planning and optimization focused on creating strategies that minimize your VAT obligations. Our team collaborates with you to recognize and utilize all possible VAT exemptions, reductions, and refunds. Furthermore, we help you organize your transactions and supply chains in a way that is efficient for VAT, making sure that your VAT strategy is consistent with your overall financial goals.
VAT registration
Understanding VAT registration requirements can be difficult, particularly for companies looking to enter the Lithuania market or expand their activities. Our VAT registration service streamlines this process by handling every element of your VAT registration. We help you identify if your business must register for VAT, complete the required paperwork, and ensure timely submissions. We also offer advice on VAT registration thresholds, intra-community transactions, and ongoing compliance responsibilities, enabling you to concentrate on your main business functions.
VAT accounting
We offer thorough assistance in identifying your VAT obligations and making sure that your VAT reporting adheres completely to accounting standards such as IFRS and GAAP. Additionally, we manage the reconciliation of VAT accounts with your general ledger balances, producing precise and clear financial statements that accurately represent your company’s actual financial situation.
VAT audits and representation
If your business faces a VAT audit, our VAT audit and representation services are available to assist you. We help you collect all required documentation and represent you during negotiations and resolutions with the VAT authorities in Lithuania. Furthermore, we provide pre-audit reviews to recognize and tackle possible compliance problems before they grow, making sure your business is adequately prepared for any assessment.
Cross-border VAT compliance
For businesses functioning in various jurisdictions, our cross-border VAT compliance services facilitate effective management of your VAT responsibilities across multiple regions. We offer comprehensive advice on adhering to the specific VAT laws and regulations of different nations, covering aspects such as VAT registration, invoicing, and reporting obligations. Our assistance empowers you to confidently navigate the intricate world of international VAT.
International VAT advisory
Our international VAT advisory service aims to support businesses operating in various countries by addressing the complexities of international VAT. We offer strategic advice regarding cross-border transactions, VAT registration in various jurisdictions, and the recovery of foreign VAT. Our team provides expert guidance on enhancing your global VAT position, concentrating on essential matters such as supply chain structuring, VAT grouping, and handling VAT obligations across multiple countries. This service is perfect for companies seeking to broaden their international footprint while efficiently managing their VAT responsibilities.
VAT system
A complete understanding of Lithuania’s VAT system is crucial for any business, whether based in the country or operating internationally. Our expertise offers a detailed explanation of how the VAT system functions, including the particular situations where VAT applies. We assist you in maneuvering through the different rates, exemptions, and regulations that characterize Lithuania’s VAT framework, helping your business stay compliant while strategically seeking to improve VAT efficiency. With a solid grasp of the VAT system, you will be prepared to make well-informed decisions that align with your company’s financial objectives and reduce potential VAT liabilities.
Contact us
If you would like additional details regarding our VAT services or want to talk about how we can help, please reach out to us.
Disclaimer
Tax laws and regulations frequently change and can differ depending on personal situations. The information presented here serves as general guidance and may not represent the latest updates. It is strongly advised to seek assistance from a qualified tax professional for comprehensive and current advice tailored to your individual circumstances.