Financial institutions shall be aware that besides reporting to the Bank of Lithuania, Financial Crime Investigation Service and other authorities, certain reports shall be as well submitted to the State Tax Inspectorate Under the Ministry of Finance (hereinafter – STI).
Ad hoc reporting
Financial market participants shall report to STI about all types of accounts opened and closed to persons, rental of safe deposit boxes, representatives and beneficial owners of persons.
Reporting regarding all types of accounts opened and closed to persons, rental of safe deposit boxes, representatives and beneficial owners of persons shall be proceeded within 3 business days from the date of opening or closing of the account and from the date of concluding the rental of safe deposit boxes agreement.
Financial institutions shall provide information to STI about:
- the annual turnover of accounts, if the total annual turnover of all accounts held by the same person with the same financial market participant is at least EUR 15,000;
- the balance of accounts at the end of the year, if the total annual balance of accounts of the same person with the same financial market participant at the end of the year is not less than EUR 5,000;
- interest, debt obligations, securities, insurance premiums, pension insurance;
- reportable accounts of foreign residents for tax purposes.
Reports on personal account balances, annual account receipts and debt obligations shall be submitted by 1st of June of the following calendar year.
Reports on interest, insurance premiums and pension insurance shall be submitted by 15th of February of the following calendar year.
Data and information on the reportable financial accounts of foreign residents for tax purposes for a calendar year must be submitted to the STI by 1st of July of the following calendar year. Financial institutions must provide the STI with data and information about reportable accounts of these persons:
- each reportable (natural) person who is an account holder;
- each reportable (legal) person who is an account holder;
- each (legal) person who is an account holder and that is recognized as having one or more controlling persons that are reportable persons – each such person (legal) and controlling person(s).
Prepared by attorney at law Loreta Andziulytė and assistant attorney at law Eglė Juškaitė