Lithuania Increases VAT Payment Fines

Lithuania has published Law XIV-1661 in the Official Gazette, which provides for an increase in the penalties for failing to comply with VAT payment procedures. This includes an increase in the fine from a range of 10% to 50% to a range of 20% to 100% in the following cases:

• It is determined that the VAT payer (taxable person) has unjustifiably reduced the estimated amount of VAT payable or unjustifiably increased the estimated amount of VAT refundable, in which case additional VAT due is s…