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Tel. +370 640 15586

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Accounting, taxation, financial statements

 information updated on 21 March 2024

Except in special cases, we draw up a service contract with our clients providing for a monthly invoice for our services, in relation to an approximate average number of hours dedicated to your entity. Our principle is that the entrepreneur should not be in a stressful relationship with his financial accountant.
From time to time, by mutual agreement, our fees may be reviewed.
We ask our clients to understand that the reporting requirements are significant and that we try to cover as much of the bureaucracy imposed on businesses as possible; your accountant is much more than the person who enters your invoices into a program.

Our experience and resources also cover e-commerce, shops, including food stores, and cash register systems, for which we recommend Raso (www.raso.lt). We can also host the system on our servers.

General information for limited liability companies (MB, UAB, etc.)
 Unless otherwise specified, the financial year is automatically based on the calendar year. The financial statements must be filed by 31 May and corporation tax of 15% (or the balance thereof for companies paying quarterly advances) or 5% in certain specific cases by 15 June of the following year.
 Payment of dividends “in advance” is not possible or requires an intermediate balance sheet. “

VAT issues
 VAT is 21% in Lithuania, collected by businesses with an active number and paid by all. Companies are not issued with a VAT number automatically, but must apply for one voluntarily and provide proof of a tax-collecting activity, or obligatorily when their taxable turnover reaches €45,000 over the last twelve months.
 Naturally, we also take care of VAT reporting obligations for e-commerce (OSS systems)”.

Relations with institutions
 We have an obligation to achieve results in our relations with the institutions for which you entrust us with representation rights: the General Tax Inspectorate (www.vmi.lt), the Social Security (www.sodra.lt), the Centre of Registers (www.registrucentras.lt), the National Statistics Agency (vda.lrv.lt/en/), the Control of Packaging Imported and Delivered to the Market (www.gpais.eu).
 We can also advise and, if necessary, assist you with other institutional relations: customs (www.lrmuitine.lt), the alcohol and tobacco control agency (www.ntakd.lrv.lt), the Bank of Lithuania (www.lb.lt), regulation and control of financial activities, particularly with regard to cryptocurrencies and cryptoassets (fntt.lrv.lt), hygiene and veterinary services (www.vmvt.lt), etc.

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