Unofficial translation
THE REPUBLIC OF LITHUANIA – VALUE ADDED TAX LAW NO. IX-751 – AMENDMENT OF ARTICLES 71, 92 THE LAW
in 2023 d. No.
Vilnius
Article 1 . Amendment of Article 71, Paragraph 2
Amend Article 71, paragraph 2 and make it as follows:
” 2 . Notwithstanding paragraph 1 of this article, a taxable person of the Republic of Lithuania is not obliged to submit an application to register as a VAT payer and to calculate VAT for the supplied goods (except for new vehicles supplied to other member states) and/or provided services in accordance with the procedure established by this Law and to pay it to the budget , if the total amount of compensation for the goods and/or services provided in the course of economic activity in the territory of the country per year (last 12 months) did not exceed 65,000 euros. VAT must be calculated from the month in which the mentioned limit was exceeded. VAT is not calculated for the supplied goods and services, for which the remuneration did not exceed the specified amount of 65,000 euros. When calculating the specified amount of 65,000 euros, the following are not taken into account:
1 ) remuneration for the supply of goods and/or the provision of services, for which the VAT of the purchase and/or import of the goods and/or services used could not be deducted in accordance with the provisions of Article 62, Paragraph 1 of this Law, if the taxable person was a VAT payer;
2 ) remuneration for the supply of fixed assets used in the taxable person’s economic activities;
3 ) advances received;
4 ) remuneration for the supply of immovable objects and the provision of financial services referred to in Article 28 of this Law in the event that these transactions are of a random nature and the taxable person does not normally engage in this type of activity.”
Article 2 . Amendment of Article 92, Paragraph 1
Paragraph 1 of Article 92 shall be amended to read as follows:
” 1 . A taxable person who is obliged to submit an application for registration as a VAT payer in accordance with Article 71 of this Law or in accordance with 71(1) article, but failing to do so, must, following the procedure established in this article, calculate and pay VAT to the budget for goods and services for which, according to the provisions of this Law, he would be obliged to calculate and pay VAT as a VAT payer. The amount of VAT payable for supplied goods and/or services is calculated according to the following formula (when Article 71, Part 2 of this Law is applied, – for supplied goods and services, for which the remuneration did not exceed the amount of 65,000 euros specified in Article 71, Part 2 of this Law, VAT is not calculated, but in the event that the specified limit is exceeded, VAT must be calculated for all supplied goods and/or services, due to which the specified limit of supply (provision) was exceeded):
Amount of VAT payable = remuneration*T/(100% + T),
here: T – the VAT rate (percentage) set for these goods and/or services in this Law; * is a multiplication sign.”
Article 3 . Entry into force of the law
This law enters into force in 2024. January 1
I announce this law adopted by the Seimas of the Republic of Lithuania
President of the Republic
Source e-seimas.lrs.lt
