Crypto-asset service providers will be required to provide information on crypto-asset users
Today the Seimas approved the draft laws prepared by the Ministry of Finance introducing an obligation on crypto-asset service providers to provide the State Tax Inspectorate (STI) with information on their crypto-asset users. These amendments will facilitate the fight against tax fraud, tax evasion and tax avoidance at international level.
Under the new regime, which will enter into force on 1 January next year, the information provided by crypto-asset service providers in relation to their crypto-asset users will be exchanged with EU Member States and other States that have acceded to the OECD standard in a targeted manner by the STI and which at the same time will receive from them, accordingly, the data on Lithuanian residents who are crypto-asset users, in order to protect the tax revenue of the states.
Reporting crypto-asset service providers will have to collect and report information on their reportable crypto-asset users – residents of the EU Member States, including residents of Lithuania and third countries – to the STI once a year for the previous calendar year.
The adopted legislative amendments transpose the provisions of the Directive on administrative cooperation in the field of taxation and harmonise reporting standards for crypto-assets in line with the framework developed by the Organisation for Economic Cooperation and Development (OECD).