Until the beginning of this year, Estonia was the Eurozone leader in inflation. By the second week of July, Estonia’s inflation has dwindled close to the average.
The new act that regulates economic activities – the General Part of the Economic Activities Code Act will enter into force on 1 July.
Each year at the end of the spring season, we have prepared an overview of legal acts that will enter into force on 1 July and could potentially influence entrepreneurs. This year is no different.
More than 250 amendments will enter into force on the first day of July, but the majority of them will not have a significant influence on the daily lives of entrepreneurs. The most important amendments concern launching of the employment register and updating of the register of economic activities (MTR), which will bring changes to the registration of the economic activities of companies as well as applying for activity licences. Below you will find a summary of the most important legal acts that will enter into force on 1 July.
The Estonian Chamber of Commerce and Industry doubts if the plan of the Ministry of Finance to increase the alcohol excise duty rates is in line with the Constitution. Namely, the Ministry of Finance is suggesting to replace the initial plan of increasing the alcohol excise duty by 5% during the coming years, with the 15% increase in 2015 and 10% increase during the following three years. The aim of increasing the excise duty rates is to increase the revenues to the state budget and decrease alcohol consumption.
President Toomas Hendrik Ilves approved a bill which will force companies to declare any transactions over 1,000 euros.
One of the most important changes to enter into force this year is probably the employment register. This concerns all employers. However, the changes do not require extensive developments or expenses from the employers. In many ways, the communication between entrepreneurs and the state will become even easier, i.e. there will be no need to send the same data more than once. Although the technical solution of the new system will probably be tested in May, it is a good time to clarify some things related to the register.
At the traditional Spring Ball held in the evening of 12 April, the Estonian Chamber of Commerce and Industry awarded 6 Medals of Honour to outstanding Estonian entrepreneurs for their contribution into the development of entrepreneurship in Estonia. The Medals of Honour were awarded for the 16th time. The Medal of Honour is the Chamber’s expression of recognition and gratitude for special services in facilitating the development of Estonian economy.
At the end of March a business delegation organised by the Estonian Chamber of Commerce and Industry accompanied the Foreign Minister of Estonia to Uzbekistan.
Estonian Chamber of Commerce and Industry invited the Tax and Customs Board to introduce the new technical solution for employment registration. It was agreed that members of the Chamber will participate in testing the new environment.
With investment and external demand for exports recovering, the European Commission is projecting that the Estonian economy will regain momentum in 2014-15.
New year has arrived with new possibilities and challenges. The economic predictions for the year are positive, but what are the challenges our entrepreneurs face this year? Director General of the Chamber shares his thoughts for the year 2014.
Estonian Chamber of Commerce and Industry has traditionally prepared an overview of amendments in the legislation that enter into force at the beginning of the year and that influence entrepreneurs.