Freelancing (USD income) alongside full-time job in Lithuania – how to declare taxes?
Hi all,
I’m a Lithuanian tax resident based in Vilnius, working a full-time job for a local company (they handle all my taxes, social security, healthcare, etc.).
On top of that, I’ve registered an individual activity certificate and do some freelance work for US-based companies. I get paid in USD directly into my Swedbank account.
I’m trying to understand how to properly declare this income to the Lithuanian tax authorities: Can I just calculate it later (e.g. using current exchange rates) and declare a total in EUR?
For example:
If I earned $500/month in January, February, and March, do I just take today’s rate (e.g. ~$500 ≈ €424) and report it like that?
Also: Is there any way to declare income in USD but pay taxes in EUR without actually converting the funds? Since ideally, I’d prefer to keep the USD and transfer it to my Interactive Brokers account to avoid FX losses.
Would really appreciate advice from anyone in Lithuania dealing with something similar (especially with individual activity + foreign income).
Thanks in advance!