Lithuania: Amendments to corporate income tax law

Corporate income tax law amendments

Corporate income tax law amendments

Amendments to the corporate income tax law in Lithuania include the following:

  • As of 1 May 2022, expenses for corporate income tax purposes must be substantiated with documents that have the mandatory information of financial accounting documents as defined in the legal acts regulating financial accounting. The prior rule (effective until 30 April 2022) required only legally valid documents.
  • The “same inventory stock" write-off method can now be used for both financial accounting and tax purposes, and approval of the Lithuanian tax authorities to use a method other than first in first out (FIFO) for corporate income tax purposes is no longer needed.

Read a February 2022 report [PDF 936 KB] prepared by the KPMG member firm in Lithuania


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