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Quarter III 2017 | Leinonen Lithuania

Dear reader,

Leinonen Lithuania regularly informs about important practical issues in the fields of accounting, taxation and legislation and helps to follow the main changes in this area. If You would like to receive more detailed information how these changes or other laws affect or could affect Your business, we would like to meet You and discuss financial aspects of Your business.

We are ready to share our knowledge and experience with business people, financial specialists and other persons who could be interested in it.

Aspects of the personal data protection reform relevant to the companies

Starting from 25 May 2018 the General Data Protection Regulation 2016/679 (hereinafter – the Regulation) will become directly applicable. The liability for non-compliance with the requirements set forth in the Regulation has been made more severe: the administrative fines may amount to EUR 20 000 000 or in case of an undertaking, up to 4 % of the total worldwide annual turnover of the preceding financial year, whichever is higher. Therefore, the companies should get themselves responsibly ready for the enactment of the Regulation.

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Other news

The obligation for the Multinationals to submit the Country-by-Country report to the State Tax Inspectorate

The Lithuanian Tax Administrative Law was amended according to the EU Directive No. 2016/881, as well the State Tax Inspectorate (hereinafter - STI) accepted provision no. VA-47, which established, that Multinational Groups (hereinafter - MNE) are obliged to submit the Country-by-Country report (CbCR) to the Tax Authority.

Amendments related to the application of 0% VAT rate to transportation services

The European Union Court of Justice (hereinafter – the Court) in case C-288/16 ruled, that 0% VAT rate should be applied to the transportation services, which are directly related to the import / export of goods.

The Court established, that transportation services related to the exportation / importation of goods should be treated as services which are directly related to the supplier or purchaser of goods.

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We invite You to read other news in Leinonen website

Royalties taxation has been changed

The obligation to inform the STI which entity will submit the Country-by-Country report

The Tax Authority has clarified what can be assumed to be bribe expenses

Amended rules for an agreement with STI regarding the future transactions taxation

Requirement to notify regarding workers posted to Finland

Every client is special to us and we try to help everyone in every way we can.

Having almost 20 years of experience in Lithuania we create and assist in managing accounting and tax policies for our clients who are business start-ups, companies with great history or even those listed on International stock exchange.

Are You interested to find out how we can help You? Please contact:

ZITA MERKELIENĖ

Managing director

tel. +370 699 32529

e-mail: zita.merkeliene@leinonen.lt

LINA LAPYTĖ

Senior Tax Advisor 

tel. +370 618 79158

e-mail: lina.lapyte@leinonen.lt

Contact Us Now

Leinonen Group is a Finnish-owned private accounting and advisory company, which was established already in 1989. Leinonen Group helps companies enter and succeed in challenging business environments by offering reliable accounting, payroll management, advisory, administration, and audit services. The deep local expertise and personal service approach, combined with wide international presence, is our strength. Our 13 offices can be found in the main cities of 11 countries – Finland, Sweden, Norway, Estonia, Latvia, Lithuania, Poland, Bulgaria, Hungary, Russia, and Ukraine.

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Leinonen Lithuania

Vilnius | Kaunas

+ 370 5237 5040

leinonen@leinonen.lt

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Leinonen Lithuania