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The representatives of the board of the Auditors’ Association met Secretary General of the Ministry of Justice Tõnis Saar and Deputy Secretary General of the Ministry of Justice Viljar Peep in February on the topic of developing the Commercial Register and updating register data.

In January and February 2020, Grant Thornton Baltic conducted a financial and tax due diligence for the Kyyrix OÜ, which has almost 30 years of experience in providing professional cleaning services in Tartu.

Grant Thornton Baltic OÜ experts conducted an analysis of the energy networks belonging to public undertakings at the request of the Strategy Unit of the Government Office of Estonia and it was funded from measure no. 12.2 “Development of quality of policy-making” of priority axis no. 12 “Administrative Capacity” of the Cohesion Fund’s operational programme 2014-2020. The initiator and partner of the project is the Ministry of Economic Affairs and Communications.

Grant Thornton is now third in the rankings of auditing firms. Interview with Grant Thornton Baltic's Managing Partner Mati Nõmmiste.

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.

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.

The Supreme Court thus finds that a disbursement made from equity capital is not subject to income tax, if the disbursement does not exceed the contribution to the equity and the taxpayer can provide evidence of the equity contribution (regardless of whether or not the contribution has been declared). Read more from the article written by Grant Thornton Baltic's Senior Tax Manager Sander Adamson.

Auditors, accountants and other white-collar workers have recently been working mainly from home offices. We can expect that more and more audits and accounting procedures will be done without actually meeting face to face. Grant Thornton Baltic partner and sworn auditor Mart Nõmper discusses in his article how has this new work organization affected us and what is to be expected in the near future?

On February 1st 2020, remote authentication was introduced for notarial transactions, which is equivalent to ordinary notarial authentication, i.e. authentication in the presence of a notary. Remote authentication as an innovative solution is a notarial act conducted via a video bridge between Estonian notary and an Estonian or an e-resident. Grant Thornton Baltic legal adviser Brigitta Jõgi opens the subject further.

The Accounting Standards Board has ruled that subsidy paid by the Unemployment Insurance Fund should be recognised as government grant as treated in Accounting Standards Board Guideline (ASBG) 12, “Government Grants“. How to account for the Unemployment Insurance Fund's temporary subsidy? Grant Thornton Baltic sworn auditors Kristiine Villemi and Mart Nõmper explain the subject further.

In a crisis, companies need to be able to respond quickly to change and to meet the needs of their employees, customers and partners, while managing the company's financial and operational challenges. Grant Thornton Baltic's Chief Internal Auditor Kai Paalberg names 5 top priorities that all companies should concentrate on when dealing with the crisis management.

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.

From the 1st of July 2020 the changes of the commercial code state, that the minimum nominal value of a share is one cent instead of one euro, with the result that every cent of the share capital shall grant the shareholder one vote. Grant Thornton Baltic legal adviser Brigitta Jõgi explains the subject further.

The government has approved a package of measures to mitigate the initial stage of the crisis caused by COVID-19. The measures also include paying taxes, e.g. suspension on mandatory pension fund payments, relief on social tax payments, interest payments and the payment of tax liabilities in instalments.

A subsidy to employees affected by the COVID-19 crisis was established by order of Estonian Government from March 23rd, 2020 „Employment program 2017-2020 . To apply for the employee subsidy the employer must meet 2 out of 3 requirements. What are those requirements and what action must employer take? Grant Thornton Baltic legal adviser Lee Laanemäe and legal manager Kristel Tiits explain the subject and give recommendations for further steps.

Grant Thornton Baltic specialists give an overview of the most important decisions and measures concerning the current crisis taken in Latvia and Lithuania.