While the adoption of electronic invoices has become increasingly popular worldwide, regulations are rapidly evolving and not all countries have the same report models for VAT compliance. In general, businesses are required to disclose invoices, either after or during the transactions, and must archive all the data with authenticity, integrity, and legibility. In this blog…
Building a modern tax administration The Value Added Tax was introduced in Lithuania in 1994 and, as a Member State of the EU, its VAT registrations, returns and compliance are aligned with the EU VAT Directives. Its tax system is administered by the State Tax Inspectorate (STI), under the authority of the Ministry of Finance….
Identifying the problem As mentioned in the VAT Report 2018, countries across the EU are losing billions in VAT revenues. This is analysed through the VAT Gap, the difference between the expected and the actual VAT revenues, and some of the main causes for it are fraud and tax evasion. In the case of Poland,…