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Transfer pricing 2020 – three problems and three solutions
Tax Transfer pricing 2020 – three problems and three solutions
The restrictions established due to the COVID-19 pandemic have disrupted transfer pricing within international corporations. Even if the restrictions were to be eased, undertakings would face major uncertainty about risks and comparables for determining market value.
12 Jan 2021
Tarmo Rahkama Grant Thornton Baltic
Packaging audit Streamlining accounting and auditing of packaging reports
The accounting and preparation of packaging reports has become better over the years and the awareness of the importance of accounting more comprehensive and precise but there are still shortcomings in packaging reporting. In some cases, the errors are specific and affect an individual company, but many are recurring. In this article, I list some of the standard errors we have noticed in companies’ reporting on packaging and I provide advice for avoiding these mistakes.
Tarmo Rahkama
Tarmo Rahkama
| 12 Jan 2021
Prosecuting offenders will be easier and the penalties will be bigger in the future
Administrative fine Prosecuting offenders will be easier and the penalties will be bigger in the future
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.
19 Jun 2020
The activities of companies in preventing money laundering are being scrutinized
Business risk services The activities of companies in preventing money laundering are being scrutinized
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.
Kai Paalberg
Kai Paalberg
| 16 Jun 2020
Internal auditor: in-house or service provider?
Business risk services Internal auditor: in-house or service provider?
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.
15 Jun 2020
Riin Stamm Grant Thornton Baltic
Business risk services Our experience: the main shortcomings in preventing money laundering
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.
27 May 2020
Siseaudit teenus Grant Thornton Baltic
Assurance services Auditor’s liability and insurance
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.
27 May 2020
Entrepreneur's plan B: re-establishing business through reorganization
Crisis management Entrepreneur's plan B: re-establishing business through reorganization
Reorganization is being used to help a company that has temporarily become insolvent, for example due to the current pandemic and crisis. It is important to emphasize that a company can be reorganized if the business model is sustainable, and the difficulties are temporary. Grant Thornton Baltic partner Artur Suits opens the subject further in his interview.
05 May 2020
Managing your company liquidity and cash flow during a crisis
Crisis management Managing your company liquidity and cash flow during a crisis
The COVID-19 pandemic is placing companies and their management teams in a challenging situation due to the lockdowns and state of emergency established around the world. One of the most critical areas is managing the companies’ cash flows and decisions to maintain liquidity. Mikk Mägi, head of financial advisory in Grant Thornton Baltic, gives advice what should be a priority for the companies during the crisis.
29 Mar 2020
5 ideas for getting more benefits out of the work done by auditors
Assurance 5 ideas for getting more benefits out of the work done by auditors
Auditors are like conspirators – people know they exist, but few understand what they are up to and why they are valuable. In general, the public hears about auditors only when something goes wrong somewhere.
Mart Nõmper
Mart Nõmper
| 09 Mar 2020
Important fact to remember when selling your shareholding in a company
Transaction advisory Important fact to remember when selling your shareholding in a company
In most countries, including Finland, Norway and Denmark, there are no form requirements for a sales contract of a share, yet Estonian law requires the contract to be notarised. Only if the company’s shares are registered in the Estonian securities register (hereinafter EVK) can the notarisation requirement be waived.
19 Feb 2020
A reference for preparing annual reports
Accounting
A reference for preparing annual reports
It’s again time to prepare for filing companies’ annual reports. We have summarised the process of preparing annual reports and give an overview of what information to send to your accountant timely so that the process of preparing and submitting annual reports would go smoothly and in time.
10 Feb 2020
A pay raise for employees returning from childcare leave?
Labor law A pay raise for employees returning from childcare leave?
When it is time for the parent to return to work after childcare leave, they are entitled under the Employment Contracts Act to improved work conditions, including a pay raise, if conditions and salary level have improved for other employees in the meantime. Is the returning employee on par with others?
Kristel Tiits
Kristel Tiits
| 03 Feb 2020
Key changes in tax legislation in the Baltics in 2020
Tax changes Key changes in tax legislation in the Baltics in 2020
In the beginning of the year, several tax changes were introduced in Estonia, Latvia and Lithuania. Some of the changes will become effective in 2020. In addition we shall highlight tax rates applicable in the Baltics as of 2020.
30 Jan 2020
Bottlenecks in the Electricity Market Act from the perspective of electricity undertaking
Electricity undertaking audit requirements Bottlenecks in the Electricity Market Act from the perspective of electricity undertaking
Who is an electricity undertaking? What requirements does the ELTS impose on electricity undertakings? Which undertakings should have their activities audited? What precisely is audited? In the following, we draw attention to bottlenecks related to the ELTS and auditing.
13 Jan 2020
Change in recognition of operating lease agreements in accounting
IFRS Change in recognition of operating lease agreements in accounting
Companies that follow IFRS accounting standards were required to make the transition to recognizing and accounting for operating lease agreements according to new principles at the latest starting from reporting periods commencing on 1 January 2019.
24 Oct 2019
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