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BEPS

Base Erosion and Profit Shifting is a project by the Organization for Economic Cooperation and Development (OECD) and the G20 to address tax avoidance by multinational corporations.

i.SAF

i.SAF is an electronic subsystem of Lithuania’s Smart Tax Administration System (i.MAS) that enables taxpayers to submit invoice data to the State Tax Inspectorate in real-time.

i.VAZ

i.VAZ is an electronic subsystem of Lithuania’s Smart Tax Administration System (i.MAS) that enables taxpayers to submit waybill and cargo transportation document data to the State Tax Inspectorate in real-time.

OSS

OSS (One-Stop Shop): An EU VAT system allowing businesses to report and pay VAT for cross-border sales in a single EU member state.

FX

The foreign exchange market, commonly known as Forex or FX, is a global marketplace for trading one nation’s currency for another.

TOMS

The Tour Operators’ Margin Scheme (TOMS) is a VAT scheme in the UK designed for businesses that buy-in and resell travel services, such as accommodation and transport. Instead of accounting for VAT on the total selling price, businesses under TOMS only pay VAT on the

VRN

VAT Registration Number identifies a taxable business or non-taxable legal entity that is registered for VAT.

Pillar Two

Pillar Two is the second of the OECD’s two-pillar scheme, originally agreed on in 2021 to tax the digital economy framework.

ERP

Enterprise resource planning (ERP) is a type of software that organisations use to manage main business processes.