How to display and round up prices?
The period of mandatory dual display of prices started on 22 August 2014 and it will continue until 30 June 2015.
Persons who sell goods and provide services must comply with the Recommendations for Price Indication of Goods and Services during the Dual Display Period approved by order of the Minister for Economy and the Specification approved by the Government.
Goods prices must be indicated on the price label attached near the product or on it (on the packaging). Prices are recalculated according to the fixed conversion rate, i.e. LTL 3.45280 for EUR 1.
Seeking to ensure that the amounts payable in euro be as close to the amounts paid in litas as possible and that the continuity of contracts and financial measures is not violated, sellers and service providers can recalculate and round up prices to three or four decimal places, and they can round up prices to two decimal places only after having calculated the final amount payable or the carrying amount in cash.
Prices for services must be indicated in both currencies (in litas and euro) at all trading and service provision sites, where it is offered to acquire a product or service, as well as in advertisements of goods and services (distance trading and service provision sites – Internet stores, telestores, group buying websites, Internet websites where goods or services are advised and/or their prices are announced, and elsewhere).
Prices in litas and euro must be indicated clearly and distinctly and they cannot be misleading.
Prices of goods and services in both currencies (in litas and euro) at trading and service provision sites are indicated on price tags, in the pricelists or other items providing information about prices of goods and services; they must be easily accessible before acquiring a certain product or service.
In the cases provided for in the National Changeover Plan, the Specification and the Recommendations for Price Indication of Goods and Services during the Dual Display Period, prices of goods and services (for example, electricity, heating), hot and cold water, gas supply, prices of utilities and maintenance services, etc.) are indicated in both currencies (in litas and euro) in bills or payment notices issued to consumers or any supplements thereof.
In compliance with the Specification, at automated trading and service provision sites (except for Internet stores) and in electronic devices (cash-registers, weighing machines, etc.), which do not give prices in two currencies, prices may be indicated in one currency, i.e. in litas until the euro adoption date and in euro after the euro adoption date, in these cases information about prices of goods and services in two currencies will be provided at trading and service provision sites by using other means (on price tags, in price lists, on a special screen, stand or a sheet of paper, or any other items used for provision of information). Small retailers trading at marketplaces, where a cash register is not required, will have to provide information about prices of goods verbally but the conversion rate of the litas to the euro will have to be provided in writing.
The seller and the service provider have the right to choose:
- the form and size of a price tag or price list;
- which price (in litas or euro) will be indicated first on a price tag;
- the font and size of the price; however, the size of the price indicated in the main currency should not be smaller than the size of the price indicated in the other currency;
- the code or abbreviation of the euro currency on price tags (for example, EUR, Eur).
The following prices must be indicated in both currencies (in litas and euro):
- the final selling price of a product and service, including all taxes;
- the price of a standard unit (where goods are weighted or otherwise measured in the presence of the consumer).
Where a product intended for sale to the consumer is advertised by any means, if the selling price of a product and/or the price of a standard unit are/is indicated in litas, these prices must be indicated in euro as well.
When the service is advertised by any means, if the price of the service is indicated in litas, it must be indicated in euro as well.
Prices indicated in both currencies must be:
- clearly visible;
- easily legible;
- understandable and distinctable;
- not misleading (it must be totally clear to the consumer what are the prices of the given goods).
It is recommended that both prices (in litas and euro) be indicated in the same field of vision.
For further information, please feel free to contact the Ministry of Economy at 8 706 64 607 or 8 706 64756.