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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.

Looking at the bigger picture, we should ask whether our already scarce workforce will not increasingly seek employment abroad, as a majority of industrialized countries are also suffering from workforce shortages.

Reminder: main changes in tax legislation in 2017

Major changes in tax legislation in 2018

Companies trading with financial instruments should apply for an LEI code now, as in the absence of one they are not able to buy and sell securities listed on stock exchanges as of 3 January 2018. It means that all companies who trade assets such as shares, bonds or derivatives on securities markets through an investment service provider (such as banks) will have to apply for an LEI code.

Grant Thornton Baltic offers the possibility to outsource data protection officer service. Developed in line with the European Union’s Guidelines on Data Protection Officers, the service charges a monthly flat fee that is significantly more cost-effective for companies than recruiting an expert for their own team.

The new system for calculating the basic income tax exemption that comes into force next year requires a compromise to be reached between employees and employers.

What happens if a cyber criminal manages to gain access to critical systems in the "smart house"?

On 1 January 2018, a new Labour Dispute Resolution Act (hereinafter referred to as TVS by its Estonian acronym) will enter into force, supplanting the Individual Labour Dispute Resolution Act (hereinafter ITVS) in force up to 31 December.

In October, a Finnish company acquired the majority shareholding in the Milrem LCM OÜ, a company that provides maintenance and repair work for Estonian Defence Forces armoured vehicles and other military vehicles.