Supplies that are exempt without credit include but are not limited to the following activities of a social nature:
- certain universal postal services;
- listed health services;
- listed social welfare services;
- general education services, including learning materials, except for business purposes.
The following supplies are also treated as exempt without credit:
- insurance services, including reinsurance and insurance mediation;
- leasing or letting of immovable property or parts thereof;
- immovable property, except for the supply before the first occupation of buildings or their parts as well as renovated buildings or their parts;
- listed financial services;
- transactions in securities.
Of the above exempt supplies, an option to tax is available in respect to the following:
- disposal of immovable property, except residential housing;
- lease of or establishment of a usufruct on immovable property or its parts, except residential housing;
- listed financial services and transactions in securities, unless such a service is provided to the taxable person (or taxable person with a limited liability) of another EU member state.
Source: PricewaterhouseCoopers - Guide to doing business and investing in Estonia