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Remote work due to the coronavirus in companies is becoming a new positive trend, which is difficult to reverse, but both companies and employees will benefit from adapting to it, according to Äripäev’s radio program “Kasvukursil”. Grant Thornton Baltic's HR manager Marge Litvinova, IT-manager Arko Kurg and Partner of digital services Vladimir Rüntü discuss the plusses and minuses and possibilites and threats of working in different places such as the office, home offive or office abroad.

Businesses in various sectors do not have a positive outlook for their turnover forecasts due to the corona crisis. As a result, they may have an extra incentive to take the uncomfortable journey and start collecting bad debt. It may often seem that the only effective way to satisfy claims is to take legal action, but before filing a statement of claim you should consider other and less costly options. Grant Thornton Baltic's legal adviser Edward Otsa opens the subject further.

A new concept in Estonian legal system, administrative fine, was sent to coordination round to the relevant ministries by the Ministry of Justice. The new fine would enable a more effective response to violations of financial services, competition and data protection regulation in the future. Grant Thornton Baltic data protection officer Maili Torma and legal adviser Lee Laanemäe write about the potential changes awaiting us in the near future.

In Estonia the state is placing increasing emphasis on money laundering prevention. Therefore, companies with a duty to prevent money laundering must be prepared for more thorough and more frequent inspections to determine whether they comply with all the rules laid down by law. Read more from the article written by Grant Thornton Baltic's Senior Internal Auditor Kai Paalberg.

Maili Torma, the data protection specialist at Grant Thornton Baltic and the founder and board member of the Estonian Data Protection Association, was recently issued an international ISO 27001 lead auditor certificate in addition to the previously acquired CIPP/E and CIPM certificates.

For many companies and institutions, internal audit is a legal obligation that cannot be waived even in difficult economic times. Therefore, the question inevitably arises as to how this obligation is most favorable and reasonable based on the needs of the company - hire your own internal auditor or outsource? Read the article! Grant Thornton Baltic's business risk services adviser Riin Veidenberg will help you with the decision.

The Supreme Court thus finds that a disbursement made from equity capital is not subject to income tax, if the disbursement does not exceed the contribution to the equity and the taxpayer can provide evidence of the equity contribution (regardless of whether or not the contribution has been declared). Read more from the article written by Grant Thornton Baltic's Senior Tax Manager Sander Adamson.

The experience of Grant Thornton Baltic's risk management advisors in conducting money laundering and terrorism financing prevention audits, especially in institutions supervised by the Financial Supervision Authority, shows that the problems are largely similar. Grant Thornton Baltic Business Risk Services adviser Riin Veidenberg opens the subject in her article.

What happens if the auditor makes a mistake? Which is the auditor’s liability in case when the auditor does not notice discrepancies in the report or hides them intentionally? How much help can the injured party expect from the insurer? You'll find an answer to these questions in a article written by Grant Thornton Baltic partner Mart Nõmper and legal adviser Lee Laanemäe.

There are different reasons for drawing up a business plan and the target groups can vary as well. Detailed business plans are compiled when starting a business or expanding it, entering the market with new services or products and raising capital from investors or lenders to execute your strategies. Grant Thornton Baltic financial advisers Mikk Mägi and Raili Ilves write about the importance of business plan and what are the key points in the plan.

The state is changing the parental leave and benefits system once again and starting from the 1st of July 2020, the paternity leave will increase from 10 to 30 calendar days. Grant Thornton Baltic legal adviser Edward Otsa is opening the subject further.

Auditors, accountants and other white-collar workers have recently been working mainly from home offices. We can expect that more and more audits and accounting procedures will be done without actually meeting face to face. Grant Thornton Baltic partner and sworn auditor Mart Nõmper discusses in his article how has this new work organization affected us and what is to be expected in the near future?

The amendment of Bankruptcy Act entered into force, where the commencement of the term of the obligation to submit bankruptcy petition shall be suspended for the time of emergency situation due to coronavirus and two months thereafter. Aet Sallaste, head of legal services in Grant Thornton Baltic explains who are concerned by the amendment of the Bankruptcy Act.

On February 1st 2020, remote authentication was introduced for notarial transactions, which is equivalent to ordinary notarial authentication, i.e. authentication in the presence of a notary. Remote authentication as an innovative solution is a notarial act conducted via a video bridge between Estonian notary and an Estonian or an e-resident. Grant Thornton Baltic legal adviser Brigitta Jõgi opens the subject further.

The Accounting Standards Board has ruled that subsidy paid by the Unemployment Insurance Fund should be recognised as government grant as treated in Accounting Standards Board Guideline (ASBG) 12, “Government Grants“. How to account for the Unemployment Insurance Fund's temporary subsidy? Grant Thornton Baltic sworn auditors Kristiine Villemi and Mart Nõmper explain the subject further.

In a crisis, companies need to be able to respond quickly to change and to meet the needs of their employees, customers and partners, while managing the company's financial and operational challenges. Grant Thornton Baltic's Chief Internal Auditor Kai Paalberg names 5 top priorities that all companies should concentrate on when dealing with the crisis management.