On 15 June 2023, Lithuania has published a law which transposed the EU public CbC reporting directive into domestic law. This requirement is applicable to companies and groups engaged in business activities across a minimum of two jurisdictions, provided they meet the turnover threshold of €750 million.
In accordance with the recently implemented revisions to the law governing company financial statements, organizations will be obligated to provide detailed disclosures concerning corporate income tax. This will involve the preparation of an income tax information report, which must be submitted to the administrator responsible for maintaining the register of legal entities.
Furthermore, the report must be made publicly available on the official website of the respective organization. The aim is to ensure transparency and accountability in disclosing information pertaining to corporate income tax obligations.
