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Gaily Kuusik Grant Thornton Baltic 2023
Business Process Solutions Interest rates on loans granted to employees should be reviewed
Often people neglect to consider that the same key interest rate affects not only businesses' loan capability and finances but also taxation.
Gaily Kuusik
Gaily Kuusik
| 5 min read | 06 Dec 2023
Chief accountants and CFOs: don’t forget an important task before Christmas!
Financial management Chief accountants and CFOs: don’t forget an important task before Christmas!
Companies’ credit agreements generally contain customer-specific conditions called covenants. December is the last chance to check whether the company is indeed in compliance with these covenants, especially considering how companies’ financial results have been impacted by the current ultra-rapid economic growth, rising prices and supply chain problems.
Mart Nõmper
Mart Nõmper
| 3 min read | 20 Dec 2022
Grant Thornton Baltic saade Kasvukursil Äripäeva raadios
Audit Clampdown on crypto companies creates a shortage of auditors and opens up a new market niche
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.
5 min read | 30 Jun 2022
Keeping hand on the global business pulse
Global economy Keeping hand on the global business pulse
After leaping back strongly from the darkest days of the pandemic, the global mid-market could only manage a small additional step forward in the second half of 2021, as tracked by the Global business pulse, Grant Thornton’s index of health among mid-sized companies. At 1.2, the index score is now within sight of pre-COVID health levels (3.4), but there is still some way to go for a full recovery.
1 min read | 26 Jan 2022
Amendments to transfer pricing regulation put more focus on profit shifting
Transfer prices Amendments to transfer pricing regulation put more focus on profit shifting
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.
3 min read | 13 Jan 2022
Grant Thornton Baltic saade Kasvukursil Äripäeva raadios
Company management A properly formed supervisory board can be the key to the business take off
A wisely selected supervisory board – one that doesn’t do its work only at meetings but lays down clear strategic goals for management and itself and meters them constantly, while serving as a mentor for executives – can contribute greatly to achieving solid business results.
7 min read | 13 Jan 2022
Child leave system to change next year
Labor Law Child leave system to change next year
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.
Kristel Tiits
Kristel Tiits
| 6 min read | 29 Nov 2021
Audit your auditor
Audit Audit your auditor
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?
Mart Nõmper
Mart Nõmper
| 4 min read | 01 Nov 2021
Grant Thornton Baltic saade Kasvukursil Äripäeva raadios
Tax European tax reform brings savings to companies
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.
Kristjan Järve
Kristjan Järve
| 4 min read | 09 Jun 2021
Attention, packaging undertakings!
Assurance Attention, packaging undertakings!
The Ministry of Environment recently weighed in on packaging audit requirements. This topic pertains in particular to packaging undertakings who have already filed a packaging report for 2020 with the packaging register.
2 min read | 28 May 2021
Transfer pricing: OECD supplements guidance on financial transactions
Tax Transfer pricing: OECD supplements guidance on financial transactions
The OECD (Organisation for Economic Co-operation and Development) regularly updates its 2017 transfer pricing guidance. It is worth keeping up to date with the OECD guidelines because transfer pricing regulations in Estonia and many other countries rely on the OECD’s guidelines.
8 min read | 10 May 2021
Tarmo Rahkama Grant Thornton Baltic
Packaging audit Streamlining accounting and auditing of packaging reports
The accounting and preparation of packaging reports has become better over the years and the awareness of the importance of accounting more but there are still shortcomings in packaging reporting.
Tarmo Rahkama
Tarmo Rahkama
| 8 min read | 06 May 2021
Grant Thornton Baltic saade Kasvukursil Äripäeva raadios
Intelligent automation Easy tips for turning data into a goldmine
Store data correctly and securely, and more importantly, use the data the same way, and you might well find that the benefits easily exceed any direct monetary gains. An expert explains how to make maximum use of data for turning a profit.
4 min read | 15 Apr 2021
The Estonian Auditors’ Association has made suggestions for development of the Commercial Register.
Assurance The Estonian Auditors’ Association has made suggestions for development of the Commercial Register.
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.
Mart Nõmper
Mart Nõmper
| 2 min read | 07 Apr 2021
Analysis of the energy networks for the Government Office of Estonia
Financial advisory Analysis of the energy networks for the Government Office of Estonia
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.
Artur Suits
Artur Suits
| 1 min read | 16 Mar 2021
Key changes in taxation of temporary agency work came into force
Tax Key changes in taxation of temporary agency work came into force
Based on the rules in force until the end of 2020, Estonia was entitled to tax wages of non-residents starting from day one if the entity making the payment was located in Estonia. If the payer was located abroad, , the right of taxation in Estonia arose only if the employee had been in Estonia for the purpose of employment for 183 days.
Urzula Välb
Urzula Välb
| 17 Feb 2021
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