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Kristina Mjasojedova Grant Thornton Baltic
Internal audit What is an internal audit and its value to a company?
People first associate the word "audit" with balance sheets and income statements, in other words, a financial audit. It's much less common for them to think of an internal audit, the content and nature of which is completely different from a financial audit.
Kristina Mjasojedova Grant Thornton Baltic
Kristina Mjasojedova
| 6 min read | 23 May 2023
Amendment to the minimum share capital requirement in the Commercial Code: an apparent cause for cheer but practical concerns remain
Legal Amendment to the minimum share capital requirement in the Commercial Code: an apparent cause for cheer but practical concerns remain
On 1 February 2023, the new Commercial Register Act entered into force, ushering in significant changes to the Commercial Code and other laws regulating the activities of corporate entities. Among other things, the changes also concern the net asset requirement, related to one of the major changes – the removal of the requirement of minimum share capital for private limited companies.
Uljana Feldman
Uljana Feldman
| 5 min read | 22 May 2023
Erik Suits ja Eve Lille Grant Thornton Baltic nõustamisteenused
Financial advisory The ten commandments of cash flow management: how to keep a business viable in uncertain times?
In the past three years, the business environment has been significantly affected by COVID-19, Russia's invasion of Ukraine, high inflation, ever-rising interest rates, the energy crisis, as well as some instability in the world's banking sector in recent months.
Eve Lille-Tõns
Erik Suits
| 10 min read | 22 May 2023
Kai Paalberg Grant Thornton Baltic
Business Risk Services Attention, beneficiaries of government grants or EU programmes!
Have you ever heard of the Certificate on Financial Statements, (CFS)? If your project received support from Horizon 2020 or Horizon Europe , you definitely have to be up to date with that.
Kai Paalberg
Kai Paalberg
| 4 min read | 22 May 2023
Selling a business in 7 steps
Mergers & acquisitions Selling a business in 7 steps
Disposal of a company, whether it's a private or public limited company, is not the same as selling a car on auto24.ee. The process of selling a company is much more complex and time-consuming.
8 min read | 19 May 2023
Merli Kesküla ja Anastassia Volmerson Grant Thornton Baltic
Labor law The compensation system set forth in the Employment Contracts Act got overhauled
The Employment Contracts Act provides for compensation for both employees and employers in a number of situations. In Supreme Court practice, the compensation has been viewed as indemnifying a loss, and as such, both parties have to prove that they incurred losses.
Merli Kesküla
Merli Kesküla
| 5 min read | 04 May 2023
Joanna Käi Grant Thornton Baltic
Cryptoassets From a VASP to a CASP: A comprehensive guide to MiCAR
This article covers the key differences between MiCAR and MLTFPA, the fate of the old license, new taxonomies introduced in MiCAR, key regulatory requirements for CASPs, key regulatory requirements for issuing assets and possible redundant requirements of MLTFPA.
18 min read | 03 May 2023
man in the home office
Tax Taxation of dividends 2023 and the 2025 tax reform
Spring is here, which means it’s the time that many companies reporting their financial results have made the decision to pay out dividends. This brings up a number of questions for management and financial teams. We try to answer the most frequently asked ones below.
Nadežda Mihhailitšenko
Kristjan Järve
| 6 min read | 24 Apr 2023
Grant Thornton Baltic saade Kasvukursil Äripäeva raadios
Business Process Solutions Artificial intelligence shakes up the accounting sector: machines end up doing the easy work, while CFO skillsets are in high demand
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.
Gaily Kuusik
Terje Liiv
| 5 min read | 11 Apr 2023
Tax-related information exchange about sellers using digital platforms
Tax Tax-related information exchange about sellers using digital platforms
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.
Urzula Välb
Urzula Välb
| 3 min read | 10 Apr 2023
Key elements of the proposed tax reform in Lithuania
Taxes Key elements of the proposed tax reform in Lithuania
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).
Less than a minute | 04 Apr 2023
Did the stock-take check out?
Stock-take Did the stock-take check out?
Proper and smooth stock-taking is often seen as being the tedious duty of accountants, and a process that obstructs the company’s activities for a few hours or days. In reality, stock-taking does not just concern accountants and can be organised more effectively and reasonably by focusing on the most important things.
7 min read | 22 Mar 2023
Women again in the spotlight. But let’s not stop at just women!
Women in Business Women again in the spotlight. But let’s not stop at just women!
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.
Mati Nõmmiste Grant Thornton Baltic juhtiv partner
Mati Nõmmiste
| 4 min read | 08 Mar 2023
Grant Thornton Baltic saade Kasvukursil Äripäeva raadios
Investment and fraud A golden age for fraud: red flags for potential investments
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.
Mart Nõmper
Mart Nõmper
| 9 min read | 15 Feb 2023
For Estateguru, having an internal auditor is a sign of quality
Client story For Estateguru, having an internal auditor is a sign of quality
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.
2 min read | 09 Feb 2023
ESTO: An outside set of eyes gives additional assurance
Client story ESTO: An outside set of eyes gives additional assurance
Financial services are one of the most strictly regulated business areas. It is to be expected that every financial service provider must have an internal auditor, be it a paid staff member or outsourced service. ESTO Group, a credit provider founded in 2017 that expended to Latvia and Lithuania in 2021, went the outsourcing route and partnered with Grant Thornton Baltic for internal audit services.
5 min read | 17 Jan 2023
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