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 …