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An overview of remote work developments in 15 countries before, during and after the Covid-19 pandemic.

Starting 1 January 2024, a global minimum tax obligation is in effect for large multinational enterprise groups with consolidated revenue of more than 750 million euros in European Union member states and many third countries (such as UK, Switzerland, Canada, Australia, Singapore etc.)

Those operating in the financial sector are bound by various laws along with requirements for internal audit arising from those laws. In addition, the Auditors Activities Act governs the provision of internal audit service, defining who is allowed to be engaged in the professional activities of an internal auditor.

Pursuant to amendments that entered into force last year, the Commercial Register can fine or compulsorily dissolve those who are late filing an annual report. Compulsory dissolution can be done if the company lacks registered assets (i.e. no assets evident in the land register, ship register, Commercial Register or Estonian securities register), is not a party to any current judicial proceedings, criminal enforcement proceedings or tax disputes.

Anyone who has to consider any aspect of cybersecurity at their company has probably heard the sonorous sounding terms NIS 2, DORA, E-ITS or even ISO 27001.

E-invoices celebrate their first minor anniversary – submitting invoices to the public sector in this format has been obligatory for five years, while technical support for e-invoicing has existed on the market for more than 10 years. But the hope that the private sector would organically embrace the state’s role model has not come to fruition.

Business operators are hard-pressed to find an auditor to go over their annual report, since there are fewer and fewer auditors every year, but the amount of work just keeps on growing. The worsening quality of the work done by auditing companies is also a concern.

For years, the Commercial Register allowed companies to operate in the Estonian business environment as if disclosure of economic figures was optional. Last year, an abrupt change in direction occurred.

Gaily Kuusik, Grant Thornton Baltic's Head of Business Process Solutions, gives an overview of topics related to the accounting market.

In the last year, the volume of assets and sales income of many companies have increased, but this has not necessarily resulted from the increase in the volume of operations, but from inflation. Therefore, these companies have exceeded the threshold of the auditing obligation, and due to the previous large volume of work, the auditors have also had to leave many clients at the door.

There’s consensus among business people who are required to order an audit, review or other audit engagement: it is hard to find an auditor and the prices of audit services have risen significantly.

Often people neglect to consider that the same key interest rate affects not only businesses' loan capability and finances but also taxation.

From 01.01.2024, the Employment Contract Act will undergo several changes in the wording of the provisions, which are due to changes in the Family Act.

According to a global survey International Business Report, mid-market businesses consider inflation, cyber-attacks, and economic slowdown to be the main business risks.

The wellbeing of accounting firms is primarily influenced by how well their clients are doing and how well they adapt to changes.

KJK BLTK Holding OÜ, the majority shareholder of Baltika, wished to carry out a valuation for the purpose of deciding whether to make a takeover offer to minority shareholders.