Cryptocurrency accounting
Accounting is an obligatory requirement in the conduct of activities on behalf of a Lithuanian company. All companies and subsidiaries of foreign companies operating in Lithuania are subject to accounting from the moment of first registration. We offer accounting services for companies engaged in crypto activities. According to the Law on Corporate Income Tax and the Law on Personal Income Tax, «Virtual currency» is a negotiable asset that can be used as a means of payment for goods and services. On the VAT side, the virtual currency is considered to be the same currency as the euro. Income received in virtual currency shall be taxed in the same way as income received in traditional currency. For the purpose of taxation, the virtual currency purchase and sale price or the income received shall be converted into euros based on the current exchange rate (market price) on the date of transaction or on the date of receipt of income. The source of the published virtual currency rate used in accounting should be recorded in the internal accounting rules. Accounting is an obligatory requirement in the conduct of activities on behalf of a Lithuanian company. All companies and subsidiaries of foreign companies operating in Lithuania are subject to accounting from the moment of first registration.
