Grant Thornton Baltic was recently again able to contribute to a market debut for an Estonian company: our auditors conducted a financial audit of a producer of high-tech ventilation systems, Airobot Technologies, which as of 10 February is listed on Nasdaq First North.
COP26’s goal was to deliver radical change to save our planet. In the long term, there are good reasons to be hopeful.
Sustainability is receiving increasing attention in both business plans and the speeches of politicians. Grant Thornton also focuses on sustainability issues in advising organizations and we are happy to share our experiences and thoughts with you.
The mid-market’s real prioritisation of sustainability not only reflects the growing expectation of stakeholders but the forward-thinking nature of this entrepreneurial segment. But few companies have made significant progress and many still face significant barriers.
Employers have to deal with three important aspects that lead to an employment relationship between employer and employee: job interview, pre-contractual negotiations and background checks (the last of these, of course, with employee consent).
A businessman who started a company in Estonia even before the country had regained independence, Kevin Probert-Ehaver, recently sold his life’s work – the three Baltic companies in BK Group – to a major Chinese corporation, Hikvision. The transaction proved more complicated than planned, but in the end he managed to negotiate a price that was triple what was originally offered.
The auditors of Grant Thornton Baltic audited the 2020 IFRS annual report of the public interest entity UPP Olaines OÜ consolidation group.
After leaping back strongly from the darkest days of the pandemic, the global mid-market could only manage a small additional step forward in the second half of 2021, as tracked by the Global business pulse, Grant Thornton’s index of health among mid-sized companies. At 1.2, the index score is now within sight of pre-COVID health levels (3.4), but there is still some way to go for a full recovery.
A whistleblower has to feel safe in order to have the courage to start shining the light on problem areas in an organization. An EU directive soon to come into force imposes specific requirements on companies to ensure that those who point out problems would not end up like martyrs.
In the beginning of the year, several tax changes were introduced in Estonia, Latvia and Lithuania.
Conversing with Tarmo Rahkama, his desire for challenges and excitement quickly becomes plain. He talks passionately about his career as a sworn auditor, doing packaging audits and being a track and field (athletics) umpire. The conservation also swings to the subject of the best recent theatre productions and tennis.
Video surveillance is used on streets, vehicles, shops, offices – pretty much everywhere. Whenever anyone leaves home – and as soon as they close the door behind them – they can wind up on someone else’s camera footage. Even when hiking in the woods, it’s possible to be captured by a wildlife camera.
From 1 January 2022, the Estonian Value-added Tax Act will have a new section, 291, setting forth the conditions on the basis of which taxable persons can reduce their tax liability on bad debts. This is a long-awaited addition to Estonian tax law that has previously been discussed but has not gone beyond the draft legislation stage.
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.
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.
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.