The deadline for declaring and paying the advance corporate income tax is approaching!
Nordgain reminds all companies that an important tax obligation is coming soon – the deadline for declaring and paying the advance corporate income tax. According to the Corporate Income Tax Law of the Republic of Lithuania, companies whose revenue exceeded €300,000 in 2023 must declare and pay the advance corporate income tax by September 16, 2024 (inclusive).
Companies can choose one of two methods for calculating the advance corporate income tax:
- Based on the estimated corporate income tax for the current year;
- Based on the results of the previous year.
It is important to note that in this quarter, companies can still take the opportunity to change their method of calculating the advance corporate income tax once a year, considering any changes in business performance this year. Additionally, if the first calculation method is selected, the calculated amount must be at least 80% of the actual corporate income tax. If this condition is not met, the declaration will need to be corrected, and late fees will be applied to any unpaid amount each quarter.
Common mistakes include:
- Incorrect calculation of advance corporate income tax
- Late declaration or payment
- Choosing an inappropriate calculation method
- Inaccurate data in the declaration
How to avoid mistakes?
Consultations with accounting specialists can help avoid these mistakes and reduce financial risk. The Nordgain team is ready to help you accurately calculate the tax and ensure that tax obligations are fulfilled on time.
As I often observe when working with clients, attention to detail is crucial when declaring and calculating taxes – even the smallest errors can lead to additional costs and complications. Timely actions not only help avoid penalties but also ensure smooth business operations.
– Ivona Karklinevska, Senior Consultant at Nordgain
If you have any questions or concerns about advance corporate income tax or other accounting matters, do not hesitate to reach out – the Nordgain team is always ready to help!
📞 Contact details:
Phone: +370 52644741
Email: info@noewe.eu
Website: https://noewe.eu/services/finance-accounting/
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