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From the 1st of September 2018, all Estonian companies will be required to submit data on their beneficial owners to the Commercial Register of Estonia.

The date when the General Data Protection Regulation (GDPR) entered into force, May 25th, came and went with many companies still unsure about what needs to be done to be compliant with the GDPR.

Payroll can be a significant cost for the company by consuming a lot of time, investments to payroll software and implementing constantly the changes of labor laws. Read our insights on the payroll and labour law topics below.

Payroll can be a significant cost for the company by consuming a lot of time, investments to payroll software and implementing constantly the changes of labor laws. Read our insights on the payroll and labour law topics below.

Entrepreneurs believe the hard times are past and increasing turnover and profit will also lead many countries’ economic growth to faster recovery. A survey conducted by tax and business advisory firm Grant Thornton among business people in 36 countries found that business optimism is at a two-year high.

For us, the greatest praise is a satisfied client. We are especially pleased that nine out of ten clients recommend us to others. We are very grateful for that!

In September, a new amendment to the Money Laundering and Terrorism Financing Prevention Act will enter into force, requiring companies to disclose data on their beneficial owners.

According to the GDPR people have right to query data processors about the data they hold about them. People have right to ask what data a processor holds about them, for what purpose and what is done to the data. They also have a right to rectify and erase data. Data processor is obliged to reply within 30 days of the request being made to comply with the regulation.

In the last few decades, the topic of female executives has received consistent attention in the industrialised West.

Starting 15 January 2018, Estonian companies managed from abroad will have the obligation to designate a contact person. That means all Estonian companies whose management board is located abroad must appoint an Estonian-based contact person.

By the end of the first quarter – 31 March – all companies must draw up and communicate to employees a holiday schedule for the current year.

Businesses both in and outside Estonia are very optimistic about this year’s outlook. But I recommend taking the rose-coloured glasses off and committing to making investments this year in order to improve effectiveness.

In December, Grant Thornton Baltic’s partner, certified sworn auditor Aivar Kangust was elected member of the supervisory board of the Estonian Service Industry Association.

Grant Thornton celebrates key milestones as global CEO Peter Bodin takes office and global revenues pass USD5 billion as network grows to 50,000 people

The new General Data Protection Regulation will enter into force in May 2018. That makes now the last time for public sector organisations, private sector companies and NGOs to start to evaluate whether and what changes they need to make in their personal data management systems – in other words, to carry out a compliance assessment.

Effective 15 January 2018, an amendment to the Commercial Code comes into force requiring all Estonian companies whose management board is located abroad to appoint a contact person in Estonia.