The proposal of the Ministry of Finance to abandon monthly sponsorship reporting to the STI was approved
Today, the Seimas approved the draft amendment to the Law on Charity and Sponsorship prepared by the Ministry of Finance, which waives the requirement for businesses providing or receiving sponsorship (charity) to submit monthly reports on provision or receipt of sponsorship to the State Tax Inspectorate (STI).
“From 1 January of the following year, we will abandon redundant requirements that do not add value to the control of sponsorship. We hope that simplified reporting will allow businesses to spend more time on their core business rather than filling in reports”, Minister of Finance K. Vaitiekūnas notes.
According to the Minister, both donors and beneficiaries are currently obliged to submit annual reports to the STI, and in cases where the amount of sponsorship granted to one beneficiary or received from one donor exceeds EUR 15 thousand, monthly reports are also submitted. The STI receives all the information necessary for the control of the receipt and use of sponsorship and the provision of sponsorship from annual reports, therefore, the monthly reporting to the STI is considered redundant.
Once the amendments enter into force, businesses providing or receiving sponsorship (charity) will only be required to submit annual reports – monthly reports will be waived. This will lead to simpler, clearer and less resource-intensive reporting. According to the STI, these amendments to the law will reduce the administrative costs for businesses by almost EUR 50,000 every year.
Last updated: 31-12-2025
Related news:
S&P Global Ratings confirmed Lithuania’s credit rating
Defence bonds were distributed for EUR 80.5 million across recent issues