Annual Report for a Lithuanian Company

Every company registered in Lithuania must submit an annual report to the Lithuanian Centre of Registers (Lithuanian Center of Registers) within five months since the end of a financial year. The annual report should be prepared in Lithuanian in the official currency of Lithuania (euro).

An annual report is obligatory for all companies registered in Lithuania, even if the company had no activity during the financial year.

All accounting must be completed before the annual report begins.

Mandatory components of the annual report are:

  • Balance sheet
  • Profit statement
  • Cash flow statement
  • Statement of capital movements
  • Activity report

The State Tax Inspectorate, known as the VMI (Valstybinė mokesčių inspekcija), oversees this process and expects businesses and residents to adhere to a set of
obligations, including the submission of specific declarations. Four key declarations that businesses in Lithuania are required to submit to the VMI are the Declaration on controlled and controlling persons, the Income Declaration of residents GPM 312, the Income Tax Declaration, and the Advance Income Tax Declaration.

Declaration on Controlled and Controlling Persons:
This declaration is a crucial part of the anti-money laundering and counter-terrorism financing measures in Lithuania. It requires individuals and entities to disclose information about the individuals who control and are being controlled by the reporting entity. Controlled persons are those who hold direct or indirect ownership in a business entity, while controlling persons, are those who exercise direct or indirect control over the operations of a business. This declaration is an essential tool in ensuring transparency and preventing illicit financial activities.

Income Declaration of Residents GPM 312:
The Income Declaration of residents, often referred to as GPM 312, is an annual requirement for Lithuanian tax residents. In this declaration, individuals must provide detailed information about their income, including employment income, rental income, dividends, and other sources. It allows the tax authorities to determine the appropriate rate for taxing this income. The GPM 312 declaration plays a crucial role in assessing an individual’s or family’s overall tax liability.

Income Tax Declaration:
The Income Tax Declaration in Lithuania is a comprehensive financial report submitted by businesses and self-employed individuals. It includes a detailed breakdown of the company’s income, expenses, and other financial data. This declaration is a key element in calculating the income tax liability for corporations and self-employed individuals. Proper documentation and accurate reporting are essential to ensure compliance with Lithuanian tax laws.

Advance Income Tax Declaration:
Businesses operating in Lithuania are required to submit an Advance Income Tax Declaration, often on a monthly basis, to prepay their income tax obligations. This declaration ensures that businesses make regular tax payments throughout the year, helping to manage their tax liabilities and avoid any significant financial burdens at the end of the fiscal year. It is crucial for businesses to accurately project their expected income to avoid under or overpayment of taxes. In summary, submitting financial reports and declarations to the VMI is not only a legal obligation but also a vital step in ensuring transparency and compliance with Lithuania’s tax regulations. Failure to meet these obligations can result in penalties and legal consequences, making it imperative for businesses to stay up to date with their financial reporting requirements. Our service is here to assist you in fulfilling these obligations efficiently and accurately.

Our service provides a comprehensive solution for the submission of financial reports, which includes the accurate and timely submission of all these critical tax declarations to the VMI. Our services provide a full and reliable solution to ensure that you meet these obligations efficiently and accurately, allowing you to focus
on your core business activities.

Preparation of the annual report with no activities 350 EUR
Preparation of the annual report with activities
from 450 EUR
Representing by the power of attorney
400 EUR