Lithuania: Parliament approves CbC reporting requirements

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The Lithuanian Parliament on 23 May 2017, passed amendments to the Tax Administration Law to implement the CbC reporting requirements that will take effect from 5 June 2017. According to law, all Lithuanian tax resident entities that are part of an MNE Group with annual consolidated group revenue of €750 million and above will need to comply with the CbC requirements for fiscal years starting on or after 1 January 2016.

The CbC report must be submitted within 12 months after the end of MNE’s financial year. There is no information yet regarding the CbC reporting notification deadlines, secondary filling procedures or penalties specific to non-compliance with the CbC requirements. Penalties for non-compliance are between € 150 and € 300.

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