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 new reporting requirements for outgoing transfers as of 1 May 2024!

​30-4-2024

New reporting requirements for outgoing transfers enter into force as of 1 May 2024. According to the Article 5r of Council Regulation 833/2014, legal persons, entities and bodies domiciled within the EU must adhere to a reporting requirement for any fund transfer surpassing 100,000 EUR outside the EU. Ignas Tamašauskas, AML and Sanctions expert, provides an overview of notable reporting-related aspects, reporting conditions and deadlines. Read more »​​​

 Employer of record concept in Lithuania

​16-​4-2024

The current shortage of skilled labour force is a far-reaching problem at the international level that affects all industries and companies of all sizes. Faced with this challenge, many companies are looking for alternative solutions to deal with it. One option is to recruit staff from abroad and employ them locally. This Employer of Record concept might be an alternative solution dealing with a shortage of skilled labour force. ​

Nora Vitkūnienė​, Head of Tax Department at Rödl & Partner Lithuania, outlines the employment situation in Lithuania in terms of the Employer of Record (EoR) concept, showing both challenges and opportunities within its regulatory framework. Read more »​

 Amendments to the land code

​​5-2-2024

Ignė Rėklaitė briefly on recent amendments to the Land Code of the Republic of Lithuania. Read more »

 Amendments to the labour code

​​1-2-2024

A summary by Ignė Rėklaitė of recent amendments to the Labour Code. Read more »

 SECURE YOUR BUSINESS: EFFECTIVE CUSTOMER SCREENING AGAINST SANCTIONS RISKS

​18-1-2024

Ensuring robust customer screening is pivotal in the fight against financial crime. While financial institutions primarily focus on these screenings, sanctions screening is vital for all companies. It helps to avoid fines, reputational damage and regulatory violations. In the article Julius Lastauskas, ICA, outlines the key aspects companies should pay attention to. Read more »

 What fundamental aspects should be taken into account in connection with the twelfth package of sanctions?

​5-1-2024

In the course of the ongoing war of aggression against Ukraine, the Council has adopted a 12th package of economic and individual restrictive measures, which will focus on high-value sectors of the Russian economy and create a framework to prevent circumvention of EU sanctions. Julius Lastauskas, ICA, overviews the most important things to be known about the 12th package of sanctions. Read more »

 No transition period for implementation of MiCA in Lithuania

​11-10-2023

Article by Michael Manke: There will be no transition period for the implementation of MiCA (Regulation (EU) 2023/1114 on Markets in Crypto-Assets) requirements in Lithuania. Read more »

 The guidelines of the Bank of Lithuania for financial market participants on sanctions, the prevention of money laundering and terrorist financing came into force on 1 September 2023

​4-9-2023

Resolution No. 03-98 of the Board of the Bank of Lithuania "On the Approval of the Guidelines for Financial Market Participants on the Implementation of International Sanctions", dated 30 May 2023, came into force on 1 September 2023. AML and Sanctions expert Ignas Tamašauskas overviews the key aspects to be taken into consideration by the Financial Market Participants. Read more »

 Circumvention of sanctions in the context of the new 11th EU sanctions package, secondary sanctions and importance of sanctions compliance

​29-7-2023

At the end of June, the European Council adopted the 11th package of economic and individual sanctions against Russia. The focus of this package lies on a more effective enforcement and implementation of sanctions as well as further addressing and preventing sanctions circumventions.

Our AML and Sanctions expert Ignas Tamašauskas overviewed major restrictions and provided the recommendations for businesses. Read more »

 Interview with prof. Dr Christian Rödl

​1-6-2023

The summer edition of the Baltic Business Quarterly, dedicated to the export champions from the Baltic states, presents an interview with Prof. Dr Christian Rödl, Managing Partner and Chairman of the Management Board of Rödl & Partner.

“The Baltic States have immense potential – especially for German investors. As the Nordic region has to re-invent itself and plan for a future without Russia, the Baltics will serve as a bridge between Germany and the North”, says Prof. Dr Christian Rödl.

 Read the interview with Prof. Dr Christian Rödl here.

 In what ways remote work disputes are being resolved across different countries?

​23-01-2023

Rödl & Partner in cooperation with talent advisory company Lee Hecht Harrison launched a Global Guide on international home office regulation. Attorney-at-law Liudgardas Maculevičius overviewed the findings of the Global Guide and compared similarities and differences in remote working regulation across different countries. The article was published in a business portal Verslo žinios. Read more »

 The upcoming changes to the law on stock companies will increase Lithuania's attractiveness

​8-12-2022

Recently, the Parliament of Lithuania (the Seimas) approved the amendments to the Law on stock companies proposed by the Ministry of the Economy and Innovation of the Republic of Lithuania. What core amendments lie ahead and how they might impact Lithuania‘s attractiveness for potential foreign investors? Associate Partner Michael Manke overviews all relevant points to be taken into consideration. Read more »

 Reporting obligation and sanctions: is Germany failing to ensure sanctions enforcement?

​27-09-2022

​The amendments to the German Foreign Trade and Payments Act through the first Act on the More Effective Enforcement of Sanctions have been in force since spring 2022. Do the new regulations of the Foreign Trade and Payments Act really contribute to more effective sanctions enforcement? Associate Marcus Brinck discusses the main aspects on this topic in his latest article. Read more »

 Recent Changes to the Labour Code in Lithuania. What novelties to be faced by employees and employers?

​10-08-2022

As of 1 August 2022, the amendments to the Labour Code of the Republic of Lithuania have introduced more flexible working options to the employees and, respectively, dedicated additional obligations to the employers. We hope that an overview of recent amendments by Laima Nevarauskaitė will help employees to ensure a proper understanding of their rights as well as enable employers to appropriately enforce employees rights. Read more »

 Breakthrough package. Will Lithuania realize its green energy ambitions?

​​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 »

 Identification of persons working on construction sites in Lithuania

​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 »

 The Omnibus Directive – is your business ready?

17-03-2022

As of 28 May 2022, the provisions of the Omnibus Directive and its’ incorporation into the national law will apply. Thus, it is important to be aware of the main rules of the Omnibus Directive and the penalties for non-compliance with its’ provisions. Senior lawyer Ignė Rėklaitytė – Grybienė, overviews the new regulatory rules and provides recommendations for businesses on how to properly implement the requirements of the Omnibus Directive. Read more »

 JANGIS - the database for registering beneficiaries of legal entities has been launched in Lithuania

​28-02-2022

The Lithuanian Commercial Register has implemented a newly developed subsystem – JANGIS − collecting data on the beneficiaries of legal entities. Attorney-at-law Liudgardas Maculevičius overviewed the most significant points to be taken into account by individuals and managers of legal entities. Read more »

 New financial accounting law in Lithuania. What changes lie ahead?

​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 »

 What are the main differences between the German GmbH and the Lithuanian UAB?

​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 »

 As of November, employers‘ liability for administrative offences to be tightened

​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 »

 New COVID pass in Lithuania – necessary almost everywhere

​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 »

 2022 audits: Better quality and more consistent risk assessments

​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 »

 The European Commission prohibits usage of aloe extracts in food

​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 »

 The difference between "Use by" and "Best before"

​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 »

 Placement of pharmaceuticals in the Baltics: Overview of practical and cost efficiency solutions

​11-11-2020

 

There are favourable conditions in Lithuania, Latvia and Estonia, enabling pharmaceutical companies to introduce their medicinal products. Moreover, the administrative procedures are rather fast and efficient, emphasize Dr. Jelena Lysovienė, Matīss Jākobsons and Dana Ihsanova - pharmaceutical law experts at Rödl & Partner Baltics - in an article about placement of pharmaceuticals in the Baltics. Read more »

 Lithuania and the Baltic region are turning to offshore wind energy

​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.


In general, very favorable prospects have been forecasted for offshore wind energy, and Lithuania has got excellent opportunities for further development of this source. The Parliament of the Republic of Lithuania has started considering draft amendments to respective laws, prepared by the Ministry of Energy. On the basis of the latter draft amendments, the appropriate conditions would be settled for the development of wind energy in the Baltic Sea, adds L. Maculevičius. Read more »

 Insights on STI plans to inspect luxurious cars acquired from company funds

​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 »

 New Medical Devices Regulation 2017/745 coming into force. Legislation changes or challenges?

​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 » 

 The solar energy bubble returned to Lithuania again

​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 » 

 Debts to STI might be paid from the overpayments of Sodra

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 » 

 The application of the VAT threshold in Lithuania

​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 »

 The latest tax changes and challenges 2020

​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 »

 Which major changes in e-commerce VAT taxation are still ahead?

​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 »

 What remuneration changes are still ahead?

​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 » 

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