- Implementation of EU Small Business Scheme: The Lithuanian parliament is considering a draft law that would allow taxable persons from other EU Member States to apply for a small business VAT exemption in Lithuania, provided their annual turnover in Lithuania does not exceed €45,000 and their total EU turnover is under €100,000.
- Registration Rules for Lithuanian Small Businesses: The draft law includes provisions for small businesses based in Lithuania to register for the small business scheme in other EU countries, contingent on meeting local turnover thresholds and the overall EU limit of €100,000.
- No Increase in VAT Registration Threshold: The revised draft does not raise the VAT registration exemption threshold from €45,000 to €55,000 as previously proposed, and the law is set to take effect on May 1, 2025, pending approval.
Source Orbitax
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