Lithuanian Parliament Considering Revised Amendments to the VAT Law Including Rules for EU VAT Scheme for Small Businesses

The Lithuanian parliament (Seimas) is considering a revised draft law amending the Value Added Tax Law. The draft law provides, among other things, for the implementation of the EU small business scheme for cross-border supplies. This includes that a taxable person established in another EU Member State can apply the small business scheme (VAT exemption) in Lithuania if their annual turnover in Lithuania does not exceed EUR 45,000 and their annual turnover in the EU does not exceed EUR 100,0…