Since September, Lithuania's SABIS system has been used for issuing invoices in compliance with the EU directive on electronic invoices in public procurement. SABIS ensures that invoices meet all VAT law requirements, include mandatory VAT details, and automatically select the correct VAT rate for deduction and payment. This system enhances efficiency by providing all necessary information in a single electronic document, eliminating the need for additional documentation from suppliers
E-invoicing updates in Lithuania
Public
Lithuania
Author: Nikolina Basić
Category:
Fiscal subject related
Views:
446
Content accuracy validation date:
08.10.2024
Content accuracy validation time:
08:31h
Since September this year, the SABIS system has been utilized for issuing invoices in Lithuania, fully complying with the EU directive on electronic invoices in public procurement. This system ensures that electronic accounting documents are accepted and processed seamlessly.
Invoices generated by SABIS are recognized as original electronic accounting documents, with the original data stored securely as required by law. Buyers benefit from not needing to request additional documents from suppliers, as all necessary information is included in the SABIS-generated invoice.
SABIS-generated invoices include
- Compliance with all VAT law requirements.
- Inclusion of all mandatory VAT invoice details.
- Selection of the appropriate VAT rate for deduction and payment to the budget.
Also, the copy of the SABIS VAT invoice, as provided for in Article 80 of the VAT Law, displays all mandatory details of the VAT invoice. Since the name of the VAT invoice, "VAT invoice," is not a mandatory requisite for the VAT invoice, the failure to enter the name does not affect the inclusion of the VAT invoice data in the accounting; the correctness of the data and their proper registration and accounting are important. In cases where the buyer must deduct and pay VAT to the budget for goods or services in accordance with Article 96 of the VAT Law, the appropriate VAT rate is selected in SABIS, and in the comments field, as a mandatory requisite for the VAT invoice, it is noted that Article 96 of the VAT Law applies.
This innovative system marks a significant step forward in electronic invoicing, streamlining processes for both suppliers and buyers.
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