"Small businesses are an important part of our economy and it is important to ensure that they are not overburdened financially by the proposed legislation. Let's hope that after the Ministry of Finance's assessment of the proposals we will be able to find balanced solutions that will reduce the administrative burden on businesses and at the same time promote a transparent and competitive business environment in Lithuania," said Agila Barzdienė, Vice-Minister of the Ministry of the Economy and Innovation.
To reduce the financial burden on small businesses, the plan submitted to the Ministry of Finance proposes to consider a partial reimbursement of the cost of smart cash registers for small businesses with up to four employees and an annual turnover of up to €100,000.
It also proposes the possibility of a preferential leasing model, whereby a business unable to purchase the equipment outright could do so on an instalment basis, with the state reimbursing the interest. Such a model would provide greater financial flexibility and ease the transition to the new system.
More transparent and effective performance management
EIMIN emphasises that the introduction of smart cash registers is an important step towards modernising business accounting and ensuring a more efficient revenue collection system. With the new system, businesses no longer need to keep paper cash books, as the i.EKA platform automatically generates an electronic cash register. It also simplifies the registration of cash registers, which can be done remotely and no longer requires visits to the territorial branches of the State Tax Inspectorate (STI).
The STI is currently investigating the possibility of integrating cash register data into the income declarations of persons engaged in individual activities. This would ensure a smoother tax assessment and reduce the administrative burden on businesses. In addition, entrepreneurs will be able to monitor their submitted receipts in real time, analyse their income by payment method and check their cash balance, thus increasing financial transparency and more efficient business management.
