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26-05-2022
Lithuania's decision to abandon natural gas supplies from Russia at the beginning of April 2022 was not the only step taken to strengthen the country's energy security and independence. At the same time, the Ministry of Energy of the Republic of Lithuania presented a package of legislative amendments with a focus on acceleration and stimulation of the development and expansion of green energy through major reforms in Lithuania's electricity sector. Attorney-at-law Liudgardas Maculevičius and Assistant attorney-at-law Laima Nevarauskaitė introduce with the most relevant aspects related to the Breakthrough package. Read more »
25-04-2022
Seeking to reduce illegal construction work and non-accounting of income, the Parliament of Lithuania adopted a set of amendments to the Construction and related laws and established a new instrument − the Transparent Worker Identification Code, which enables the competent authorities to verify the status of a worker, a self-employed person, or a person seconded to Lithuania. Assistant Attorney-at-law Laima Nevarauskaitė advises on how to properly get ready for the identification of persons working on the construction site and overviews the sanctions to be expected for the non-compliance with the new requirements. Read more »
03-02-2022
As of 1 May 2022, a new version of the Financial accounting law enters into force in Lithuania.The new law will undoubtedly have an impact on the financial accounting and the preparation of annual financial statements of both natural and legal persons, as accompanying legislative amendments have been adopted alongside the Accounting Law. Yulia Shershneva, Deputy Head of BPO department, overviews major alterations in an article „New Financial accounting law. What major changes lie ahead.” Read more »
8-11-2021
The article deals with the main differences between the German GmbH (Gesellschaft mit beschränkter Haftung) and the Lithuanian UAB (Uždaroji akcinė bendrovė). For German companies that plan to set up a company in Lithuania and do not want to forego the usual advantages of the GmbH, it is therefore crucial to know not only the similarities between these two forms of company, but also the most important differences. Associate Marcus Brinck and Associate Partner Michael Manke introduced a summary of the most significant differences of GmbH and UAB to be taken into consideration by entrepreneurs, considering to establish a company in Lithuania. Read more »
1-11-2021
As of 1 November, the amendments to the Code of Administrative Offences of the Republic of Lithuania enter into force. The majority of changes strengthens employers‘ liability for administrative offences. Our expert Marijus Šaras overviewed the fundamental amendments and provided his recommendations to the employers. Read more »
15-09-2021
In Lithuania as of 13 September, all contact services and economic activities shall be carried out as well as events organised only for persons who meet the criteria set by the National Certificate as the national COVID pass. Michael Manke and Ignė Rėklaitytė – Grybienė overview the core aspects of a National Certificate, including availability, verification procedures and exceptions. Read more »
09-08-2021
Major changes to ISA 315, approved by the International Audit and Assurance Standards Board, will be effective for audits of financial statements for periods beginning on or after 15 December 2021. The effects of the revisions will be far-reaching and will require firms of all sizes to revise their approach to risk assessments. Read more »
05-03-2021
In March, the European Commission is scheduled to publish a regulation prohibiting the usage of aloe extracts in foods. In the article Dr. Jelena Lysovienė overviews this significant change and reminds to take care of the adaptation of the formulation of products accordingly. Read more »
08-02-2021
Dr. Jelena Lysovienė, Life sciences expert, overviews the recommendations issued by the European Food Safety Authority in order to help food business operators decide when to apply the ‘use by’ or ‘best before’ date to their products. Read more »
11-11-2020
6-11-2020
The major strategic goals of Lithuania are to increase production of local electricity and reduce its‘ dependence on import, as well as to promote renewable energy by achieving these purposes in the most efficient way. It is the offshore wind that makes it possible to achieve the aforementioned goals through an open and transparent tender, comments the Head of Renewable energy practice group, attorney-at-law Liudgardas Maculevičius.
10-03-2020
State tax inspectorate (STI) notes that the satisfaction of personal needs by using company funds is still obvious in Lithuania.
As regards to this fact, STI is planning to inspect luxurious cars acquired from company funds. Mantas Mališauskas, Internal Tax Leader, provided his insights on this topic in a business portal Verslo žinios. Read more »
20-02-2020
Manufacturers, authorised representatives, importers and distributors are actively preparing for the most recent EU Regulation on Medical Devices (MDR) 2017/745, coming into force on 26 May 2020, overviews Dr. Jelena Lysovienė, Life sciences expert at Rödl & Partner Lithuania.
The new Regulation will help the EU medical devices industry to maintain and further expand its leadership and strengthen an important role on the global scale, by making it more competitive and more solid in a complex global environment, continues J. Lysovienė. Read more »
21-01-2020
The year 2020 will be a very exciting one for the renewable energy sector in Lithuania. In mid-January the winners of the first 0,3 TWh yearly feed-in quota auction will be announced, says Liudgardas Maculevičius, attorney-at-law and the Head of Renewable energy practice group.
The preliminary results show, that there are 3 bidders, who offer to produce renewable electricity with 0 Eur/MWh state subsidy, which is revolutionary, adds L. Maculevičius. Read more »
9-02-2020
The Ministry of Finance in Lithuania considers a possibility to allow the overpayments of taxes administered by State Tax Inspectorate (STI) to be offset against Sodra contributions and, vice versa, to equalize overpayments in Sodra with tax debts supervised by STI.
Tax expert Mantas Mališauskas highlights the pros and cons of the proposed amendment in business portal Verslo žinios. Read more »
26-01-2020
The Council of the European Union has proposed to change the VAT threshold for small businesses to be registered as VAT payers. Such an initiative also encourages to review the application of the VAT threshold in Lithuania.
Mantas Mališauskas, Internal Tax Division Leader, provides his insights on this topic in business newspaper and portal Verslo žinios. Read more »
03-01-2020
Mantas Mališauskas, the Head of Internal tax division, provides his insights on the latest tax changes and challenges to be faced by local businesses within 2020. Read more »
09-12-2019
09-12-2019
At the beginning of 2021 new regulations affecting e-commerce businesses enter into force in the EU. Which major changes in e-commerce VAT taxation are still ahead? Tax expert Mantas Mališauskas provides his insights in Verslo žinios and Delfi. Read more here » and here »
13-11-2019
Mantas Mališauskas, Head of Internal Tax Division, commented upcoming remuneration changes for 2020, impacted by an increase of tax exempt income. Read more »
Lina Pradkelienė
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