Lithuania Ministry of Finance says mandatory property and business valuation law takes effect from 1 May with digital reports and reduced routine inspections

Lithuania's Ministry of Finance announced that the Law on Mandatory Property and Businesses Valuation, adopted in 2024, has entered into force from 1 May, introducing mandatory digital storage of valuation reports and rules for collecting and publishing report data. Mandatory valuation reports must now be filed in the Valuation Reports Information System and will be accessible to interested parties, creating a central source of valuation data for cases where access is required by law and for use in analysis and decision-making. The new framework also scales back routine state supervision. The Office of Audit, Accounting, Property Valuation and Insolvency Management will no longer carry out routine inspections of valuation reports, but it will continue to handle complaints other than complaints about the correctness of the value stated in a report under the Law on Public Administration, and it may in the public interest initiate examinations of reports submitted in the system for possible breaches of law.