The Automotive Industry is one of the sectors in which very large investments are being made. Although the coronary pandemic has caused serious disruption to car production, which accounts for the main share of the car industry, the sector as a whole is making significant progress in the coming years.
It has been a year and a few months since the coronavirus turned a new page in world history and exploded all comfort zones. Since that time, Estonia has beaten back two waves of the virus, and like last spring, we are now facing a calmer period. But this brings up new questions – how to return little by little to ordinary working life and juggle the needs of companies and employees while taking into account the way work will be organized in future.
Companies that sell physical goods to European countries all too often have to grapple with the destination country’s complicated VAT system, but in summer 2021, the situation will become simpler and the administrative expenses related to declaration of taxes will decrease.
The Ministry of Environment recently weighed in on packaging audit requirements. This topic pertains in particular to packaging undertakings who have already filed a packaging report for 2020 with the packaging register.
In the beginning of the year, several tax changes were introduced in Nordic-Baltic region. In addition we shall highlight tax rates applicable in the Nordic-Baltic region as of 2021.
The OECD (Organisation for Economic Co-operation and Development) regularly updates its 2017 transfer pricing guidance. It is worth keeping up to date with the OECD guidelines because transfer pricing regulations in Estonia and many other countries rely on the OECD’s guidelines.
A new guide has been produced by the Auditors’ Association and the Ministry of Finance for public sector entities conducting procurements for audit services. The manual can also be useful for private sector companies.
Analysis of the correctness of data in the Commercial Register uncovered an astonishing fact: the Commercial Register data on auditors of companies contained many mistakes.
The accounting and preparation of packaging reports has become better over the years and the awareness of the importance of accounting more but there are still shortcomings in packaging reporting.
The sudden surge in remote working, online shopping, digital health and virtual learning boosted demand for business technology and communications solutions. At first glance, the future of technology companies may seem cloudless, but in fact, many of them predict that customer orders will decrease in the future. Find out, what challenges the technology sector is facing in the near future:
Store data correctly and securely, and more importantly, use the data the same way, and you might well find that the benefits easily exceed any direct monetary gains. An expert explains how to make maximum use of data for turning a profit.
The coronavirus restrictions have put many employers in a very difficult situation. When turnover is down, it’s time to analyse what would lead the company through the difficult times – applying for a new salary compensation from the government, temporary pay cuts, leave or layoffs.
The coronavirus crisis, which started a little more than a year ago, changed quite a few things in employment relationships. One of the most important changes has been the widespread use of working from home offices. Provided that the nature of the job had some degree of compatibility with the format, employees were allowed to work remotely by companies and organisations where this had not previously been the practice.
Grant Thornton Baltic conducted a survey among companies to find out how many of them are consciously and purposefully engaged in anti-money laundering. Look into the results and test your company!
Grant Thornton Baltic’s audit partner Aivar Kangust, who has been a sworn auditor for almost 30 years, points out that while indeed an audit probably wouldn’t benefit a small business very much, directors of small businesses should really be more inclined to ask for advice from auditors and business consultants – no one can possibly know everything, but it’s always good to talk to someone who does know.
In the case of the Finnish tax authorities and A Oy, we can see how incompetent preparation of transfer pricing documentation can create a large administrative burden for the company. Although the case ended in A Oy's favor, they had to spend time and money to have the decision of the Finnish tax authorities to adjust the taxpayer's transfer prices and add additional income tax on the adjusted profits annulled.