The Government of Lithuania approved the draft Law prepared by the Ministry of Finance on 5 February 2025, which proposes to transpose the new provisions of the European Union (EU) legislation adopted in the field of value added tax (VAT) that are

Israel’s Tax Authority (ITA) issued Circular No. 01/2025 on 11 February 2025, clarifying amendments to the Income Tax Ordinance. The amendments pertain to transfer pricing and country-by-country (CbC) reporting requirements. The key highlights

Prime Minister Gintautas Paluckas announced that the Lithuanian Parliament will consider introducing a reduced VAT rate for food products and public catering establishments in the spring session. Though he has not pledged his support, he recognized

Lithuania's State Tax Inspectorate has announced changes to tax rates that will take effect on 1 January 2025. The corporate income tax rate will increase to 16%. Small companies, defined as those with fewer than 10 employees and annual income not

Lithuania's parliament is considering a proposal to raise the VAT registration threshold from EUR 45,000 to EUR 60,000. Under the new rule, businesses in Lithuania would only need to register for VAT if their annual turnover surpasses EUR 60,000.

The Lithuanian State Tax Inspectorate (VMI) announced the publication of guidelines on how to become users of small business schemes for VAT exemptions in other EU member states on 21 January 2025. The rules are accessible through the VMI