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Lithuania

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Lithuania to Increase Threshold for Cash Accounting and Increase Corporate Tax Rate

The Lithuanian parliament is considering two draft bills that would increase the threshold for cash accounting and increase the corporate tax rate.

Bill No. XIIIP-4115 includes amendments to the rules on cash accounting, including:

  • An increase in the income threshold for using cash accounting from EUR 30,000 in each period in the last three period to EUR 2 million in each period in the last three periods (applies for taxpayers that used cash accounting prior to the law's entry into force and newly established entities); and
  • A corresponding increase in the threshold to change from cash accounting to accrual accounting from EUR 30,000 in a tax period to EUR 2 million in a tax period (must apply accrual accounting in the following period).

Bill No. XIIIP-4116 includes an increase in the tax rate from 15% to 20% on:

  • Taxable profits of Lithuanian entities and permanent establishments in Lithuania;
  • Income from distributed profits; and
  • Sponsorship income used for purposes other than those specified in the Law on Charity and Sponsorship, and sponsorship income received in cash from a single donor in excess of 250 minimum monthly salaries.

Subject to approval, the changes will enter into force on 1 January 2020.

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