Lithuania vat Services

VAT Registration in Lithuania


VAT Registration in Lithuania

To register for VAT (Value Added Tax) in Lithuania, you must register for VAT if your annual taxable turnover exceeds 45,000 euros. However, voluntary registration is also possible if your turnover is below this threshold.


What documents you need for VAT registration in Lithuania?

Before starting the registration process. You should gather the required information, such as your company details, contact information, bank account details, and information about your business activities. The VAT registration process in Lithuania is typically done online through the State Tax Inspectorate (Valstybinė Mokesčių Inspekcija) portal. You can access it through their official website.


Submit VAT returns in Lithuania

Once you are registered for VAT. You will require to maintain accurate records of your business transactions, including sales, purchases, and VAT amounts. These records are important for filing regular VAT returns. Depending on the frequency determined by the STI. You will need to file periodic VAT returns, usually on a monthly or quarterly basis. These returns should include details of your taxable sales, purchases, and VAT calculations. Ensure that you comply with all VAT obligations, including charging and collecting VAT from customers, issuing VAT invoices, and submitting accurate and timely VAT returns.


VAT payment in Lithuania

In Lithuania, VAT (Value Added Tax) payments are made to the State Tax Inspectorate (Valstybinė Mokesčių Inspekcija) based on the VAT returns you file. Calculate the VAT liability for the specified period by deducting the VAT. You are entitled to reclaim on your purchases (input VAT) from the VAT. You have charged on your sales (output VAT). The difference is the amount of VAT you owe to the State Tax Inspectorate. The State Tax Inspectorate will review your VAT return and assess the amount of VAT you owe based on the information provided. They may also conduct audits or request additional information if necessary. After receiving the VAT assessment, you are required to make the payment to the State Tax Inspectorate. The payment can be made through various methods, including bank transfer, online banking, or other electronic payment options specified by the State Tax Inspectorate.


VAT Keep records

Maintain accurate records of your VAT payments, including payment confirmations, receipts, and any relevant documentation. These records are important for your business’s financial records and for potential future audits.


VAT deregistration in Lithuania

To deregister for VAT (Value Added Tax) in Lithuania, you need to follow specific steps and meet certain requirements. Here’s a general outline of the process: Assess whether you meet the criteria for VAT deregistration in Lithuania. This may include situations where your annual turnover falls below the threshold for mandatory registration or if you cease your business activities entirely. Prepare a written request to deregister for VAT. The request should include your company details, VAT number, contact information, and the reasons for deregistration.

Please note that the process and requirements for VAT registration may vary, and it’s always advisable to consult with a qualified tax advisor or the State Tax Inspectorate for the most up-to-date and specific information regarding your situation.