Fiscal subject related
Content
Namely, this law applies to:
- for the amounts of payments between individuals (buyers) and business entities for goods (services) in cash;
- for sums returned by the business entity in cash to the person (buyer) for the returned products, services not provided, and services of inadequate quality.
According to the Law on Rounding Amounts in Cash Payments, when a person (buyer) pays for goods or services in cash, the business entity must round the total amount to the nearest multiple of 5 euro cents.
According to the amendment made, applying the Cash Payments Rounding of Amounts Law, accounting documents, with the exception of value-added tax invoices, must include, among other details, a rounding amount equal to the total amount payable for simultaneously returned goods, purchased or sold goods (services), and total payable amounts, after applying rounding, for the difference, and the total payable amount, after applying rounding. This refers to the Law on Financial Accounting of the Republic of Lithuania.
Also, for the VAT Act, Article 15 is supplemented by Part 242, which stipulates that when the final amount (including VAT) calculated for goods (services) purchased at the same time is rounded in accordance with the Law on Rounding Amounts in Cash Settlements, the taxable value of the goods (services) is considered to be the value of the goods (services) (excluding VAT itself), calculated by rounding up.
Importantly, the Code of Administrative Offences of the Republic of Lithuania3 was supplemented by Article 2072, which establishes responsibility for non-compliance with the requirements of the Law on Rounding Cash Payments, and replaced Article 589, which defines the institutions, namely the Bank of Lithuania and the State Tax Inspectorate, whose officials will investigate violations of the Law on Rounding Cash Payments.
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