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The rapid development of artificial intelligence and the arrival of ChatGPT on the scene will not leave accountants on the street, but there will be an increasing need to get in-service training, re-train and think more like a CFO does.

From January 1st, 2023, chapter 24 of the Tax Information Exchange Act entered into force, according to which platform operators must provide information about the sellers and service providers using the platform and the income earned by them to the Tax and Customs Board.

On March 20th, 2023, Ministry of Finance of Lithuania revealed proposals on tax reform, to be submitted to Parliament early May, to enter into force from the year 2024 (if adopted).

Since 2003, the international network of business consultancies Grant Thornton has conducted an annual study to determine what percentage of seats on senior management is filled by women.

In an era when new and profitable opportunities keep on presenting themselves for investing and many of these are not supervised by Financial Supervision Authority or other regulator, be on the lookout for specific red flags in order to prevent fraud.

From 2017, Estateguru has expanded outside Estonia to offer real estate investment opportunities in the other Baltic states and elsewhere in Europe. With rapid growth taking place, it started to improve and change the company’s risk management system, which led to a need for an internal auditor.

This November, the Nasdaq Tallinn exchange’s alternative market First North started trading of the shares of the only Baltic pharmaceutical company J. Molner. Grant Thornton Baltic auditors had an important role in laying the groundwork for J. Molner’s market debut.

Although salary isn’t unimportant if you want to attract talent, you need to offer opportunities for growth and think through the details of the recruitment process, using the services of an external expert if need be.

With everything else that is happening in the world, the pandemic era is starting to fade from memory. But remote working is here to stay. That is borne out by the new Occupational Healthcare and Safety Act that entered into force on 19 November 2022, which lays down a more specific framework for employee and employer responsibilities in remote work arrangements.

Experts say that activity on the transactions market has returned to previous levels in contrast to the slump in the spring, but it should be remembered that more restrictive conditions are added to contracts in hard times.

Up to 30 December 2021, according to subsection 390 (4) of the Commercial Code it was required that a branch of a foreign company has to be liquidated before deletion from the Commercial Register, with all of the stages necessary for liquidation to be followed: notification of creditors, satisfaction of creditors’ claims, preparation of a final balance sheet, etc.

Most annual reports have by now been submitted and the Commercial Register is now checking whether companies’ equity meets the minimum net assets requirement arising from legislation. What does this mean for companies?

If a company lacks its own HR manager or recruitment specialist, now is not the best time to look for one, because a recruiter is one of the most sought-after and thus most heavily advertised positions on the job market.

Our company celebrates its 30th anniversary in 2022. To store all the important milestones and great events and assure that our story would not be forgotten, we have published the book "Three decades on a path of growth. The story of Grant Thornton Baltic".

The Commercial Register Act will enter into force in three stages: the general date of entry into force is 1 February 2023, but the amendments concerning the maintenance of a list of shareholders and a list of building association members will enter into force on 1 September 2023, while the amendments concerning, among other things, the reservation of a business name and the making of entries on a specified date will only enter into force on 1 March 2024.

On 12 May 2022, the Government of the Republic approved a draft amendment to the Local Government Act that makes internal audit a requirement in local governments. At least once every four years, an internal audit must be conducted to verify that the internal control system meets certain requirements.