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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.

The audit requirement recently applied to crypto companies will notably increase the workload of auditors who are expected to provide a service that is largely lacking in Estonia currently.

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.

The European Union directive on transparent and predictable working conditions has been transposed into national law. The corresponding amendments come into force on 1 August 2022, but it would be a good idea for employers to start preparing for this date already.

The sample of Grant Thornton's recent interim report with comments has been prepared in accordance with all the latest amendments to IFRS and is a good assistant in preparing IFRS interim reports.

The Environmental, Social, and Governance (ESG) reporting landscape is evolving rapidly and will change even more so in the coming months and years, and as a result has become a focus of the GPPC.

In May, the latest Estonian company will become listed on Nasdaq First North, the alternative list of the Tallinn Stock Exchange – the digital product sale platform Punktid Technologies AS.

An Estonian health tech Robus Group AS will be holding its initial public offering on the Nasdaq First North alternative market in April. Grant Thornton Baltic made a contribution to Robus going public, conducting the audit of the company’s financial statements.

In every crisis, an optimistic view of the future should be combined with a bulletproof crisis plan that helps a business navigate the worst situations. A few simple tips help build a working strategy, said several experienced practitioners who were guests on the Äripäev business daily’s radio programme “Kasvukursil”.

On 22 December 2021, the European Commission introduced a draft of a minimum tax directive designed to impose on large corporations an obligation to pay at least 15% income tax on profit. The establishment of a minimum tax limits tax competition between countries and is one of the international measures for preventing tax avoidance.

Grant Thornton Baltic’s Estonian audit team received the best possible rating – green level – in the Auditing Activities Oversight Board’s (AJN) regular quality control inspection.

Starting 15 February, personal income tax returns can be filed; for many people, this process is associated with receiving tax refunds. A tax return must also be filed if a person has earned income on which income tax is not withheld (such as earnings from abroad, capital gains from alienation of property) or withholding has not occurred. A tax return must also be filed if the person desires to eliminate double taxation – i.e., if the same income was taxed abroad as well as in Estonia.

Grant Thornton Baltic was recently again able to contribute to a market debut for an Estonian company: our auditors conducted a financial audit of a producer of high-tech ventilation systems, Airobot Technologies, which as of 10 February is listed on Nasdaq First North.

COP26’s goal was to deliver radical change to save our planet. In the long term, there are good reasons to be hopeful.

Sustainability is receiving increasing attention in both business plans and the speeches of politicians. Grant Thornton also focuses on sustainability issues in advising organizations and we are happy to share our experiences and thoughts with you.

The mid-market’s real prioritisation of sustainability not only reflects the growing expectation of stakeholders but the forward-thinking nature of this entrepreneurial segment. But few companies have made significant progress and many still face significant barriers.