ACCOUNTING SERVICES IN LITHUANIA

To ensure proper record-keeping and gain insights into a company’s economic performance and financial standing, accounting stands as a crucial component in business operations. All foreign-owned companies and their subsidiaries in Lithuania are subject to Lithuanian accounting laws. To foster comparability and clarity in assessing the results of each company, it is imperative to adhere to government-established accounting standards.

Every registered company in Lithuania is required to maintain accounting records that adhere to the standards established by the State.

The service cost is influenced by factors such as the company’s tax number, the volume of processed primary documents, the number of employees, and the presence of credit and leasing contracts. It’s important to note that not all companies in Lithuania are obligated to register for turnover tax; this requirement depends on the company’s turnover and business activities.

To ensure timely submission, all documents must be sent to the accountant. Failure to comply with deadlines may result in fines imposed by the Tax and Customs Department of Lithuania.

ESSENTIAL CRITERIA FOR ACCOUNTING ORGANIZATION

• The Lithuanian Register mandates that each company creates and submits its annual report within five months of the financial year’s conclusion.
• There is no designated month to initiate a financial year.
• The company’s leadership is not permitted to personally manage accounting tasks.
• Utilization of accounting programs is mandatory for recording all business transactions.
• Thorough documentation of every business transaction is a requisite.
• Presentation of a company’s financial position, performance, and cash flows should be done in a reliable, objective, and comparable manner.
• Archiving documents related to accounting is obligatory for a minimum of ten years.

Regulated United Europe offers accounting services to both Lithuanian companies with and without VAT numbers. Leveraging our expertise across various business segments, we provide comprehensive services, including the registration of VAT numbers in Lithuania, issuance of EORI numbers, and preparation of annual reports for our clients.