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Proposal for Council Implementing Decision Published Authorizing Lithuania to Increase VAT Exemption Threshold — Orbitax Tax News & Alerts

A proposal for a Council Implementing Decision was published on 17 December 2020 that would authorize Lithuania to derogate from Article 287 of the VAT Directive by allowing Lithuania to exempt from VAT taxable persons whose annual turnover is no higher than EUR 55,000, which as an increase from Lithuania's current exemption threshold of EUR 45,000. Subject to approval, the Decision would authorize Lithuania's increased threshold from 1 January 2021 until 31 December 2024.