No, joint audit is not valid in Lithuania.
As an entrant in the business milieu, it is better to record all the business transaction to get a kick-start for your business. In the long run, accounting and bookkeeping helps you in quality control of your financial framework. Bookkeeping is the process of recording business transaction whereas accounting is a wider concept which deals with recording, classifying, interpreting, analyzing, reporting and summarizing financial data. Well-structured accounting and bookkeeping services ensure that your company runs more efficiently on a daily basis.
Lithuania is a country in north-eastern Europe. The increased international trade and greater production have led to the economic growth of the country. The tax policies of Lithuania are attracting foreign investors to start their business in the region. Thus, let’s understand the accounting and tax structure of Lithuania.
As Lithuania belongs to the EU, accounting in the country is subject to EU regulations and directives. The Ministry of Finance is responsible for developing and setting the accounting standards based on the International Financial Reporting Standards (IFRS). The major requirements of the accounting law in Lithuania are:
The accounting law applies to:
The taxation policy in Lithuania is considered to be business-friendly, and the policy is adapted to the legislation of the European Union. The tax in Lithuania is affordable to investors, which encourages the development of foreign investments and the labour market. There are 7 main types of tax in Lithuania:
Business Setup Worldwide understands the need for accounting and bookkeeping in an established company. We provide a wide spectrum of accounting and bookkeeping services that include:
Accounting and bookkeeping services can take a business to the next level. Let’s look at the benefits of availing these services:
At Business Setup Worldwide, we make sure that you remain focused on your business objectives, while we take care of all support functions. We are well experienced in our taxation, accounting, and bookkeeping service so that you don’t have to worry about it. Dealing with financial accounting can get complex in a country overseas. Our experts assist you with handling company finances and the requisite formalities in Lithuania.