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Quarter III 2016 | Leinonen Lietuva

Dear reader,

Leinonen Lithuania regularly informs about important practical issues in the fields of accounting, taxation and legislation and helps to follow the main changes in this area. If You would like to receive more detailed information how these changes or other laws affect or could affect Your business, we would like to meet You and discuss financial aspects of Your business.

We are ready to share our knowledge and experience with business people, financial specialists and other persons who could be interested in it.

New Labour Code

The new Labour Code comes into force from 1 January 2017. The new legislation liberalizes work regulation and pursues more flexible relations between the employers and employees.

The main changes in the Labour Code are related to:

New types of employment contracts;
New regulations regarding termination of employment contracts;
Compensation for non-competition;
Limits of material responsibility of employees;

Obligation to establish work council;
Number of annual leave days and payment regulations;
Overtime and payment regulations;
Summary recording of working time;
Other issues.

Submission of the consignment notes’ data to i.VAZ system

Part of tax payers have been submitting consignment notes' data to i.VAZ subsystem since 1 October 2016. However, there are still many questions arising how it should be done, whether consignment notes's data should be submitted to i.VAZ system, how tax payers should deal with any technical issues arising while submitting the data to the system.

All these and more questions and answers to them can be found in the link below.

Changes of the Law on State Social Insurance

From 1 January 2017 the amendments of the Law on State Social Insurance come into force:

social insurance contribution ceilings are established;
rate of unemployment insurance contribution is increased from 1,1% to 2,2% for fixed term work agreements;
social insurance contribution set for financing of the main part of the pension is reduced by 1%;
other changes.

Court Decision regarding the obligation to collect information about a credibility of business partners

On 17 June 2016 the Supreme Administrative Court of Lithuania ruled in case A-3389-602/2016 regarding the obligation of the company to collect information about a credibility of its business partners and took the decision favourable to a tax payer.

Based on the Court’s decision, the Tax Administrator should not demand from the tax payers to incur disproportionate time and other resources costs in order to collect information about a credibility of its business partners.

We invite You to read other news in Leinonen website

98% of Vilnius citizens are satisfied with their lives in the capital

Obligation to provide information the State Tax Inspectorate about the bank accounts

Tax returns will be submitted only by electronic means to The State Tax Inspectorate

Every client is special to us and we try to help everyone in every way we can.

Having almost 20 years of experience in Lithuania we create and assist in managing accounting and tax policies for our clients who are business start-ups, companies with great history or even those listed on International stock exchange.

Are You interested to find out how we can help You? Please contact:

MAŽENA BIRBALIENĖ

Head of Advisory Unit

tel. +370 656 51728

e-mail: mazena.birbaliene@leinonen.lt

LINA LAPYTĖ

Senior Tax Advisor

tel. +370 618 79158

e-mail: lina.lapyte@leinonen.lt

Leinonen Group is a Finnish-owned private accounting and advisory company, which was established already in 1989. Leinonen Group helps companies enter and succeed in challenging business environments by offering reliable accounting, payroll management, advisory, administration, and audit services. The deep local expertise and personal service approach, combined with wide international presence, is our strength. Our 13 offices can be found in the main cities of 11 countries – Finland, Sweden, Norway, Estonia, Latvia, Lithuania, Poland, Bulgaria, Hungary, Russia, and Ukraine.