Overview

Staria’s Lithuania Localization SuiteApp further extends Oracle NetSuite’s functionalities in order to meet the local requirements in Lithuania.

Features

VAT Declaration

VAT filing in Lithuania is due on the 25th day of the month following the period being reported. This feature allows users to generate the FR0600 Value Added Tax Declaration (PVM Deklaracija) in XML format based on the records in NetSuite.

Report on the Supply of Goods and Services to the Other Member States of the European Union

Lithuanian VAT registered businesses selling goods or services to other VAT registered companies in EU are required to submit an EC Sales List return. These may also be known as recapitulative statements and can be submitted by using Form FR0564. This feature allows users to generate the FR0564 Report on the Supply of Goods and Services to the Other Member States of the European Union in XML format based on the records in NetSuite.

i.SAF

For tax periods starting from 1 October 2016, companies and branches of foreign companies will be obliged to submit to the Lithuanian Tax Authority‘s system “i.SAF” data on VAT invoices issued and received under its Lithuanian VAT number in a standard file (“the i.SAF file”) in XML format on the monthly basis (by the 20th day of the following month). The first submission date is 21 November 2016.

Foreign Exchange Rate Integration with European Central Bank (ECB)

Generally, foreign currency transactions in Lithuania should be valued at the exchange rates provided by the European Central Bank (ECB).

The SuiteApp includes integration with ECB which can retrieve available exchange rates on-demand or via a schedule. This feature updates the standard Currency Exchange List in NetSuite with the exchange rates coming from ECB on the configured currencies.

Invoice and Credit Memo PDF Layout

The SuiteApp includes localized invoice and credit memo HTML/PDF layout. This displays the required fields and VAT detailed summary.

Financial Statement Layouts

The SuiteApp includes financial statement layouts for Income statement and Balance Sheet, both in English and Lithuanian language.

Compatibility

• This SuiteApp supports OneWorld Accounts.

• This SuiteApp supports Legacy Tax.