We know the opportunities and challenges faced by you are unique, thus are ready to serve any needs of yours. We provide a wide range of services to individuals and businesses from start-ups and high growth companies, to SMEs and well established multinationals.
Advanced tax services
Tax review and optimization
- Complex tax reviews and/or tax audits identifying tax risks (full scope or focusing on specific taxes such as CIT, VAT, etc.);
- Review of the correctness of calculations, reporting, and payment of taxes;
- Presentation of findings and recommendations allowing to mitigate or eliminate tax risks;
- Advising clients on available tax incentives and other favorable tax treatments;
- Obtaining necessary written explanations, confirmations and/or binding rulings from the Lithuanian tax authorities;
- Assistance in the practical implementation of tax optimization measures.
M&A and transactions
- Advice on acquisition and mergers of companies, disposal of businesses or shares in companies;
- Due diligence procedures on the entities to be acquired or disposed of;
- Consultations regarding holding companies and other group formation matters;
- Advice on the most favorable transaction structure for tax purposes;
- Review and evaluation of transaction documents from a tax perspective;
- Obtaining necessary written explanations, confirmations, and/or binding rulings from the Lithuanian tax authorities.
Assistance in tax registration
- Registration (de-registration) in the Lithuanian Register of Taxpayers;
- Registration (de-registration) for VAT purposes;
- Registration for social insurance fund contributions and compulsory health insurance contributions purposes;
- Registration (de-registration) of permanent establishments for corporate income tax purposes;
- Registration (de-registration) of self-employed business activity.
- Preparation and updates of TP documentation;
- Preparation of benchmarking studies;
- Support in Advance Pricing Agreements (APA) procedure;
- Drafting of intra-group transfer pricing policies and agreements;
- Support in transfer pricing investigations and audits.
Taxation of foreign investments
- Existence and registration of permanent establishments (PE) of foreign entities in Lithuania;
- Foreign companies investing in Lithuania and Lithuanian companies intending to invest on a global level;
- Appropriate corporate form and structure;
- Selection a jurisdiction for a holding company;
- Permanent establishment issues;
- Withholding tax issues;
Representation in tax matters
- Assistance in preparation of tax enquires to the tax administration;
- Representation of a taxpayer seeking a binding ruling with the tax administrator;
- Assessment of the situation and preparation of a plan for further action in case of a tax dispute with the tax administration;
Other tax compliance services
Corporate income tax
- Assessment of applicable national taxation rules and tax rates;
- Recognition of taxable and non-taxable income;
- Taxation of expenses (tax-deductible expenses, partly deductible expenses, and non-deductible expenses);
- Application of various tax incentives;
- Avoidance of double taxation;
- Submission of returns and reports.
PERSONAL INCOME TAX
- Taxation of Lithuanian and foreign individuals’ income in Lithuania;
- Recognition of taxable and non-taxable income;
- Registration of self-employed status and taxation of income from business activities of a self-employed person;
- Drafting and submission of personal income tax returns.
VALUE ADDED TAX
- Advice on the structuring of international trade transaction and configurations of global supply chains;
- Advice on registration for VAT purposes;
- VAT refund assistance;
- Assistance in VAT compliance (VAT returns, data transfer obligations and requirements resulting from the implementation of new information system (i.MAS) of State Tax Inspectorate under the Ministry of Finance, etc.)
- Assistance with Intrastat reporting;
- Support in VAT disputes
- The validity of the application of a 0% VAT rate;
- Evaluation of the right to deduct input VAT;
- Application of special VAT schemes.
REAL ESTATE TAX
- Real estate tax obligations for individuals and legal persons;
- Calculation of real estate tax;
- Application of real estate tax incentives;
- Drafting and submission of real estate tax returns.
Excise and customs duties
- An assessment of whether goods are subject to excise and/or customs duties;
- Registration of customs warehouses and tax warehouses for excisable goods;
- Cases of exemption from payment of excise and customs duties;
- Calculation and reporting of excise and customs duties.
State social insurance contributions and compulsory health insurance contributions
- Assessment of obligation to pay state social insurance contributions and compulsory health insurance contributions;
- Obligations of self-employed individuals and other individuals;
- Determining the jurisdiction where social insurance contributions should be paid in case of cross-border employment/self-employment activities;
- Drafting and submission of state social insurance notifications, reports, and returns.
Preparation or adjustment of financial statements following the requirements of the IFRS
In the course of the audit services provided the auditor follows the requirements of the International Standards applicable to the specific assignment. Therefore, the financial statements prepared/adjusted by the auditor give a high level of reliability to your reports as long as they are prepared in line with the professional competency and responsibility.
Audit of annual, interim and consolidated financial statements
While providing our audit service in accordance with the legal requirements and financial reporting standards we have a purpose to form a view on whether the information presented in the financial report reflects the financial position of the organisation, financial results of its activities and cash flows, etc.
Apart from the audit report we also present to the attention of the company‘s management:
- Our findings and recommendations with respect to the risks identified, which potentially could cause significant mistakes in the preparation of financial statements and calculation of tax liabilities;
- Our recommendations with respect to the minimization of the risks identified;
- Recommendations to improve the quality of financial accounting as well as on administrative and internal control aspects.
Operational and management audit
The purpose of the audit services we offer is the identification of the possibilities to improve the company’s operational performance. During the audit the activities of the company are analysed in terms of economy, efficiency and effectiveness.
Audit of the projects financed by the EU structural funds
We provide an opinion whether the expenses declared in the application for the financing from the European Union structural funds are in line with the requirements. Also, we assist the project developers to fulfil the requirements undertaken and help to avoid the risks related to non-recoverable expenses by providing consulting on the related matters;
Audit of financial reports, financial elements, accounts or records
In some cases the companies need the auditor‘s opinion not for the financial statements as a whole, but only for its separate parts, e.g., profit (loss) statement, accounts payable, the amounts of expenses, etc. In that respect we offer limited scope audit services which would help you to receive an objective and competent opinion concerning your financial information.
Consultancy on accounting processes and preparation of financial statements
We offer instant and comprehensive assistance in the daily accounting processes and preparation of financial statements, including:
- Consultancy on accounting;
- Consultancy on the preparation of accounting policy, its implementation and improvement;
- Consultancy on the application of IFRS and Lithuanian business standards;
- Consultancy on consolidation;
- Consultancy on specific or complicated transactions and operations.
Review and assessment of quality of company’s books
We can help our clients to evaluate the exercised bookkeeping practice and address relevant risks.
We are always looking for the possibilities to simplify processes, reduce the related expense, and increase the quality of this bookkeeping.
Function of CFO
We can provide you with the provisions of CFO in order to ensure all the functions normally attributed by the Law to the senior executive responsible for managing the financial actions of a company.
Calculation of employee’s compensation, including
- gross wages, salaries, bonuses, and so on;
- withholding of payroll taxes;
- withholding for the employees’ portion of health and social insurance, etc.
- employer’s portion/expense for social insurance.
- Preparing of financial statements and management reports;
- Communication with the auditor (if accounts are audited).
- Submission of financial statements.
- Preparation and submission of statutory reports, returns, etc.
- Preparing statistical reports.
Financial and tax accounting
Ensuring that all company operations are properly booked and all relevant documentation that is required for financial and tax accounting purposes is in place.