Lithuania Implements EU Directive on Reporting for Cross-Border Payment Service Providers

• Lithuania published Order No. VA-93 amending Order No. VA-42 in the Official Gazette
• The order transposes EU Directive 2020/284 on reporting requirements for payment service providers
• The threshold of 25 international payment transactions triggers an obligation for providers to collect and retain records
• Providers must calculate the threshold based on individual recipients if multiple identifiers are assigned
• The order came into force on Dec. 12, 2023.

Source: news.bloombergtax.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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