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Amendments to transfer pricing regulation put more focus on profit shifting
Transfer prices Amendments to transfer pricing regulation put more focus on profit shifting
From 2022, an updated regulation will take effect, regarding the methodology for determining transactions between related persons. Since it was adopted in 2006, Minister of Finance regulation no. 53 had been in force unchanged.
3 min read | 13 Jan 2022
Grant Thornton Baltic saade Kasvukursil Äripäeva raadios
Company management A properly formed supervisory board can be the key to the business take off
A wisely selected supervisory board – one that doesn’t do its work only at meetings but lays down clear strategic goals for management and itself and meters them constantly, while serving as a mentor for executives – can contribute greatly to achieving solid business results.
7 min read | 13 Jan 2022
We advised German company RAUMEDIC
Case study We advised German company RAUMEDIC
Grant Thornton Baltic OÜ advised German company RAUMEDIC AG on the acquisition of aktsiaselts A&G. RAUMEDIC AG is a leading developer and manufacturer of systems and components and a partner to medical and pharmaceutical industries. Core business of aktsiaselts A&G is production of medical supplies.
2 min read | 13 Jan 2022
Grant Thornton Baltic helps Hepsor to make its stock market debut
Case study Grant Thornton Baltic helps Hepsor to make its stock market debut
Late last November, trading of shares of one of the Estonia’s biggest real estate developers, Hepsor AS, began on the Nasdaq Tallinn exchange. Grant Thornton Baltic’s team of more than 10 internal and external specialists did its part to help Hepsor get listed, auditing the IFRS based financial reporting set out in the company’s listing prospectus.
2 min read | 13 Jan 2022
Changes were made to the regulations of tax havens
Tax Changes were made to the regulations of tax havens
As of 1 July 2021, in addition to the term “low-tax territory”, the term “non-cooperative jurisdiction” has appeared in the Income Tax Act. The amendment is related to the European Union's safeguard measures aimed at preventing tax evasion in transactions with companies located in so-called tax havens.
Urzula Välb
Urzula Välb
| 2 min read | 20 Dec 2021
We advised international insurance broker Howden on entering the Estonian market
Case study We advised international insurance broker Howden on entering the Estonian market
Grant Thornton Baltic advised Howden Finland Oy, the market leader in Finland and part of the international group Howden Broking, on the acquisition.
2 min read | 20 Dec 2021
Child leave system to change next year
Labor Law Child leave system to change next year
Effective 1 April 2022, when the system for taking child leave will change in the Employment Contracts Act, all parents of children under 14 years of age will be entitled to 10 working days of paid child leave per child under 14.
Kristel Tiits
Kristel Tiits
| 6 min read | 29 Nov 2021
Example Financial Statements 2021
IFRS Example Financial Statements 2021
The member firms of Grant Thornton International Ltd (GTIL) have extensive expertise in the application of IFRS. GTIL, through its IFRS Team, develops general guidance that supports its member firms’ commitment to high quality, consistent application of IFRS and is therefore pleased to share our insights by publishing ‘IFRS Example Consolidated Financial Statements 2021’ (Example Financial Statements).
2 min read | 22 Nov 2021
Audit your auditor
Audit Audit your auditor
An increasing number of companies in Estonia cross the threshold of turnover and balance sheet volume that requires them to order an audit or financial review of their 2021 annual report. On the other hand, the number of auditing companies has decreased compared to last year. How to cope with a situation with fewer service providers, increasing numbers of customers, and increasing troublesome findings regarding the quality of service provided by audit firms?
Mart Nõmper
Mart Nõmper
| 4 min read | 01 Nov 2021
The key to profitable business: data-based decision-making
Business Intelligence The key to profitable business: data-based decision-making
Running a business in the most profitable manner possible takes smart decisions. Data – and including data in the decision-making process – are an inseparable part of this, panellists on the Äripäev radio programme “Kasvukursil” said.
4 min read | 22 Oct 2021
Audit, review or neither?
Audit calculator Audit, review or neither?
Autumn is a good time to analyse your company’s financial results for the previous financial year and determine whether you are the subject to have the annual report audited or reviewed. A convenient way to find out whether a company is subject to an audit or review requirement (the criteria are revenue, asset volume and number of employees) is the audit calculator.
2 min read | 19 Oct 2021
Turning a blind eye to data protection can end up costing millions
Data protection Turning a blind eye to data protection can end up costing millions
Having data protection affairs in order at a company ensures reliable and trustworthy relations with businesspartners and a stronger position at the negotiating table. On the other hand, problems can mean fines running into the millions of euros even long after the issues are resolved.
4 min read | 22 Sep 2021
Processing of employees’ personal data in the context of the coronavirus pandemic
Data protection Processing of employees’ personal data in the context of the coronavirus pandemic
Many employers have questions about whether and to what extent personal data can be requested from employees in the context of the coronavirus pandemic. In this article, I highlight some practical questions and concepts that employers should factor into processing of employee personal data and provide advice on how to mitigate the main risks for both employer and employee.
10 min read | 22 Sep 2021
Kai Paalberg Grant Thornton Baltic
Whistleblowing Whistleblowing and reporting misconduct
The law transposes the EU directive into Estonian law and entails an obligation for organizations to create internal and external reporting channels for reporting internal misconduct. The infringements that whistleblowers can report are very different - breaches of procurement procedures, internal fraud, breaches of environmental requirements, and so on.
Kai Paalberg
Kai Paalberg
| 4 min read | 09 Sep 2021
Transfer pricing in case law: use of comparison data to determine transfer price
Transfer pricing Transfer pricing in case law: use of comparison data to determine transfer price
The Danish tax authority increased the taxable income of Tetra Pak Processing Systems A/S due to shortcomings in transfer pricing documentation and continuous losses. The Danish Supreme Court reached the conclusion that the transfer pricing documentation filed by the company did not meet the requirements as the documentation lacked a competent comparability analysis.
4 min read | 19 Aug 2021
Deadline for workplace risk assessments is approaching
Legal Deadline for workplace risk assessments is approaching
Under the Occupational Health and Safety Act, employers must compile a risk assessment of the working environment. It is mandatory for employers who have at least one employee (security institutions excluded).
Kristel Tiits
Kristel Tiits
| 2 min read | 18 Aug 2021
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