Lithuania Payment Institutions License
Payment Institutions Licenses
Local legal entity
2.Proof of Residence
3.Certificate of Non-criminal Record
4.Proof of Non-bankrupt Record
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Ministry of Finance of the Republic of Lithuania
+370 5 239 0000
2,794,128 (as of 2020)
License application form
Online application form
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Lithuania has a tax system that is similar to other European Union member states. Here is an overview of the taxation system in Lithuania:
- Companies in Lithuania are subject to a flat corporate income tax rate of 15% on their profits.
- Corporate tax returns must be filed annually by March 1st of the year following the tax year.
- The payment of corporate income tax is due by December 20th of the year following the tax year.
- Companies with an annual turnover of less than €300,000 may be eligible for a reduced tax rate of 5%.
- Individuals in Lithuania are subject to a progressive personal income tax rate that ranges from 15% to 32% on their income, depending on the income level.
- Personal income tax returns must be filed annually by May 1st of the year following the tax year.
- Personal income tax payments must be made by July 15th of the year following the tax year.
Value Added Tax (VAT):
- Lithuania imposes a VAT on goods and services at a standard rate of 21%.
- VAT returns must be filed by the 25th day of the month following the end of the VAT period.
- VAT payments must be made by the 25th day of the month following the end of the VAT period.
Tax Payment Process:
- Tax payments can be made through electronic payment systems, banks, or post offices.
- Taxpayers must file their tax returns and make their tax payments by the deadlines mentioned above.
- The Lithuanian tax authorities may conduct audits to ensure compliance with tax laws.
In summary, companies in Lithuania are subject to a flat corporate income tax rate of 15%, while individuals are subject to a progressive personal income tax rate that ranges from 15% to 32%, depending on their income level. Both companies and individuals are required to file their tax returns and make their tax payments by specific deadlines. VAT is also imposed on goods and services at a standard rate of 21%. Tax payments can be made through various methods, and taxpayers may be subject to audits to ensure compliance with tax laws.