Lithuania: EU DAC7 Reporting Requirements and FAQs
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The FAQs on the DAC7 Reporting Requirements Draft were released by the Lithuanian Tax Agency (Valstybinė mokesčių inspekcija) to clarify which platforms must disclose the income, fees, or commissions that platform sellers receive, as well as how much information they must provide. The rules will come into effect on 1 January 2023.
Learn more about DAC7 and if it affects your business by downloading our Free DAC7 report by clicking here: Download DAC7 Report
DAC7 Reporting Requirements:
As of 1 January 2023, digital platform owners will have to submit information on an annual basis
Laws and regulations that apply
The mandate that qualifying operators register within five working days of commencing business or within five working days of 1 January 2023
The process of registering structural unit data
31 January 2024 will be the first reporting deadline
The need for business owners classified as reportable sellers to submit information by 31 January for the prior calendar year
Preparation and Submission Guidelines (XML Schema format)
Fines imposed for noncompliance and
The process for editing and clarifying previously submitted information.