Lithuania

Article 40, paragraph 2 of the Corporate Income Tax Law, adopted in December 2001, constitutes the legal basis for the Arm’s Length Principle application.

Decree 1K-123 of April 9, 2004, provided comprehensive documentation requirements applicable to accounting periods commencing from 2004.

Transfer Pricing Documentation

The documentation must be prepared before the 15th day of the sixth month following the end of the fiscal year.

Local Report

The Local Report must be prepared by Lithuanian residents and non-residents with a permanent establishment (PE) in Lithuania whose income in the previous tax period exceeds € 3 million and by regulated financial and credit institutions and insurance companies, regardless of income.

Master File

The Master File must be prepared by Lithuanian residents and non-residents whose income (attributed to a PE) in the previous tax period exceeds € 15 million and who have a permanent establishment (PE) in Lithuania belonging to a multinational group.

Penalties

Failure to comply with Transfer Pricing documentation requirements will result in a penalty ranging from € 1,820 to € 5,590, and the penalty for repeated violations will range from € 3,770 to € 6,000.

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