Council of the European Union 7 November 2014, 2014/795/EU: Council Implementing Decision of 7 November 2014 extending the application of Implementing Decision 2011/335/EU authorising the Republic of Lithuania to apply a measure derogating from Article 287 of Directive 2006/112/EC on the common system of value added tax

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This Council Implementing Decision extends Lithuania's authorization to exempt certain taxable persons with annual turnover up to EUR 45,000 from VAT obligations until December 31, 2017. The measure, derogating from Article 287 of Directive 2006/112/EC, aims to reduce VAT obligations for smaller businesses while having minimal impact on overall tax revenue. The decision applies from January 1, 2015, and allows affected taxable persons to opt for normal VAT arrangements if desired.AI