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From 1 January 2022, the Estonian Value-added Tax Act will have a new section, 291, setting forth the conditions on the basis of which taxable persons can reduce their tax liability on bad debts. This is a long-awaited addition to Estonian tax law that has previously been discussed but has not gone beyond the draft legislation stage.

From 2022, an updated regulation will take effect, regarding the methodology for determining transactions between related persons. Since it was adopted in 2006, Minister of Finance regulation no. 53 had been in force unchanged.

Late last November, trading of shares of one of the Estonia’s biggest real estate developers, Hepsor AS, began on the Nasdaq Tallinn exchange. Grant Thornton Baltic’s team of more than 10 internal and external specialists did its part to help Hepsor get listed, auditing the IFRS based financial reporting set out in the company’s listing prospectus.

Effective 1 April 2022, when the system for taking child leave will change in the Employment Contracts Act, all parents of children under 14 years of age will be entitled to 10 working days of paid child leave per child under 14.

An increasing number of companies in Estonia cross the threshold of turnover and balance sheet volume that requires them to order an audit or financial review of their 2021 annual report. On the other hand, the number of auditing companies has decreased compared to last year. How to cope with a situation with fewer service providers, increasing numbers of customers, and increasing troublesome findings regarding the quality of service provided by audit firms?

Running a business in the most profitable manner possible takes smart decisions. Data – and including data in the decision-making process – are an inseparable part of this, panellists on the Äripäev radio programme “Kasvukursil” said.

Autumn is a good time to analyse your company’s financial results for the previous financial year and determine whether you are the subject to have the annual report audited or reviewed. A convenient way to find out whether a company is subject to an audit or review requirement (the criteria are revenue, asset volume and number of employees) is the audit calculator.

Many employers have questions about whether and to what extent personal data can be requested from employees in the context of the coronavirus pandemic. In this article, I highlight some practical questions and concepts that employers should factor into processing of employee personal data and provide advice on how to mitigate the main risks for both employer and employee.

The law transposes the EU directive into Estonian law and entails an obligation for organizations to create internal and external reporting channels for reporting internal misconduct. The infringements that whistleblowers can report are very different - breaches of procurement procedures, internal fraud, breaches of environmental requirements, and so on.

The Danish tax authority increased the taxable income of Tetra Pak Processing Systems A/S due to shortcomings in transfer pricing documentation and continuous losses. The Danish Supreme Court reached the conclusion that the transfer pricing documentation filed by the company did not meet the requirements as the documentation lacked a competent comparability analysis.

Under the Occupational Health and Safety Act, employers must compile a risk assessment of the working environment. It is mandatory for employers who have at least one employee (security institutions excluded).

Maintaining proper accounting on transfer prices and documenting the reasoning for conformity to market value is in the interests of every enterprise, as it avoids tax risks. In preparing documentation, the requirements of legal acts should be considered along with the specific company’s risks and needs.

In the post-pandemic landscape, a new model of leadership will be needed to enable organisations to thrive. Engendering innovation, collaborating and communicating across the business, and adapting to change have become operational necessities, while empathy and inclusion are the keys to team performance.

The Automotive Industry is one of the sectors in which very large investments are being made. Although the coronary pandemic has caused serious disruption to car production, which accounts for the main share of the car industry, the sector as a whole is making significant progress in the coming years.

It has been a year and a few months since the coronavirus turned a new page in world history and exploded all comfort zones. Since that time, Estonia has beaten back two waves of the virus, and like last spring, we are now facing a calmer period. But this brings up new questions – how to return little by little to ordinary working life and juggle the needs of companies and employees while taking into account the way work will be organized in future.

Companies that sell physical goods to European countries all too often have to grapple with the destination country’s complicated VAT system, but in summer 2021, the situation will become simpler and the administrative expenses related to declaration of taxes will decrease.