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Other audit services
We help clients with the application and use of foreign financial aid of EU and other funds and help prepare financial reports.
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Audit calculator
The calculator will answer if the company's sales revenue, assets or number of employees exceed the limit of an inspection or audit.
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Payroll and related services
We perform payroll accounting for companies whether they employ a few or hundreds of employees.
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Tax accounting
Grant Thornton Baltic's experienced tax specialists support accountants and offer reasonable and practical solutions.
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Reporting
We prepare annual reports in a timely manner. We help to prepare management reports and various mandatory reports.
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Consolidation of financial statements
Our experienced accountants and advisors help you prepare consolidation tables and make the consolidation process more efficient.
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Consultancy and temporary staff
Our experienced specialists advise on more complex accounting transactions, rectify poor historic accounting, and offer the temporary replacement of an accountant.
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Outsourced CFO service
Our CFO service is suitable for companies of all sizes and in all industries. We offer services to our clients in the required amount and competences.
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Assessment of accounting processes
We help companies to implement accounting practices that are in compliance with local and international standards.
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Accounting services for small businesses
We offer affordable service for small businesses. We help organize processes as smartly and cost-effectively as possible.
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Cryptocurrency accounting
We keep up with blockchain technology to serve and advise crypto companies. We are supported by a network of colleagues in 130 countries.
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Trainings and seminars
Our accountants have experience in all matters related to accounting and reporting. We offer our clients professional training according to their needs.
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Business advisory
We offer legal support to both start-ups and expanding companies, making sure that all legal steps are well thought out in detail.
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Fintech advisory
Our specialists advise payment institutions, virtual currency service providers and financial institutions.
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Corporate advisory
We advise on legal, tax and financial matters necessary for better management of the company's legal or organizational structure.
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Transaction advisory
We provide advice in all aspects of the transaction process.
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Legal due diligence
We thoroughly analyze the internal documents, legal relations, and business compliance of the company to be merged or acquired.
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In-house lawyer service
The service is intended for entrepreneurs who are looking for a reliable partner to solve the company's day-to-day legal issues.
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The contact person service
We offer a contact person service to Estonian companies with a board located abroad.
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Training
We organize both public trainings and tailor made trainings ordered by clients on current legal and tax issues.
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Whistleblower channel
At Grant Thornton Baltic, we believe that a well-designed and effective reporting channel is an efficient way of achieving trustworthiness.
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Business model or strategy renewal
In order to be successful, every company, regardless of the size of the organization, must have a clear strategy, ie know where the whole team is heading.
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Marketing and brand strategy; creation and updating of the client management system
We support you in updating your marketing and brand strategy and customer management system, so that you can adapt in this time of rapid changes.
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Coaching and development support
A good organizational culture is like a trump card for a company. We guide you how to collect trump cards!
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Digital services
Today, the question is not whether to digitize, but how to do it. We help you develop and implement smart digital solutions.
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Sales organisation development
Our mission is to improve our customers' business results by choosing the right focuses and providing a clear and systematic path to a solution.
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Business plan development
A good business plan is a guide and management tool for an entrepreneur, a source of information for financial institutions and potential investors to make financial decisions.
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Due diligence
We perform due diligence so that investors can get a thorough overview of the company before the planned purchase transaction.
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Mergers and acquisitions
We provide advice in all aspects of the transaction process.
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Valuation services
We estimate the company's market value, asset value and other asset groups based on internationally accepted methodology.
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Forensic expert services
Our experienced, nationally recognized forensic experts provide assessments in the economic and financial field.
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Business plans and financial forecasts
The lack of planning and control of cash resources is the reason often given for the failure of many businesses. We help you prepare proper forecasts to reduce business risks.
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Outsourced CFO service
Our CFO service is suitable for companies of all sizes and in all industries. We offer services to our clients in the required amount and competences.
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Reorganization
Our experienced reorganizers offer ways to overcome the company's economic difficulties and restore liquidity in order to manage sustainably in the future.
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Restructuring and reorganisation
We offer individual complete solutions for reorganizing the structure of companies.
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Corporate taxation
We advise on all matters related to corporate taxation.
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Value added tax and other indirect taxes
We have extensive knowledge in the field of VAT, excise duties and customs, both on the national and international level.
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International taxation
We advise on foreign tax systems and international tax regulations, including the requirements of cross-border reporting.
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Transfer pricing
We help plan and document all aspects of a company's transfer pricing strategy.
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Taxation of transactions
We plan the tax consequences of a company's acquisition, transfer, refinancing, restructuring, and listing of bonds or shares.
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Taxation of employees in cross-border operations
An employee of an Estonian company abroad and an employee of a foreign company in Estonia - we advise on tax rules.
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Tax risk audit
We perform a risk audit that helps diagnose and limit tax risks and optimize tax obligations.
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Representing the client in Tax Board
We prevent tax problems and ensure smooth communication with the Tax and Customs Board.
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Taxation of private individuals
We advise individuals on personal income taxation issues and, represent the client in communication with the Tax and Customs Board.
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Pan-Baltic tax system comparison
Our tax specialists have prepared a comparison of the tax systems of the Baltic countries regarding the taxation of companies and individuals.
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Recruitment services – personnel search
We help fill positions in your company with competent and dedicated employees who help realize the company's strategic goals.
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Recruitment support services
Support services help to determine whether the candidates match the company's expectations. The most used support services are candidate testing and evaluation.
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Implementation of human resource management processes
We either assume a full control of the launch of processes related to HR management, or we are a supportive advisory partner for the HR manager.
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Audit of HR management processes
We map the HR management processes and provide an overview of how to assess the health of the organization from the HR management perspective.
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HR Documentation and Operating Model Advisory Services work
We support companies in setting up HR documentation and operational processes with a necessary quality.
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Employee Surveys
We help to carry out goal-oriented and high-quality employee surveys. We analyse the results, make reports, and draw conclusions.
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HR Management outsourcing
We offer both temporary and permanent/long-term HR manager services to companies.
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Internal audit
We assist you in performing the internal audit function, performing internal audits and advisory work, evaluating governance, and conducting training.
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Internal Audit in the Financial Services Sector
We provide internal audit services to financial sector companies. We can support the creation of an internal audit function already when applying for a sectoral activity license.
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Audit of projects
We conduct audits of projects that have received European Union funds, state aid, foreign aid, or other grants.
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Prevention of money laundering
We help to prepare a money laundering risk assessment and efficient anti-money laundering procedures, conduct internal audits and training.
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Risk assessment and risk management
We advise you on conducting a risk assessment and setting up a risk management system.
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Custom tasks
At the request of the client, we perform audits, inspections and analyzes with a specific purpose and scope.
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External Quality Assessment of the Internal Audit Activity
We conduct an external evaluation of the quality of the internal audit or provide independent assurance on the self-assessment.
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Whistleblowing and reporting misconduct
We can help build the whistleblowing system, from implementation, internal repairs and staff training to the creation of a reporting channel and case management.
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Sustainability advisory
We help solve issues related to the environment, social capital, employees, business model and good management practices.
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Sustainability audit
Our auditors review and certify sustainability reports in accordance with international standards.
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Sustainable finance
We help investors to analyze the environmental issues, social responsibility and good management practices of the company of interest.
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Sustainable tax
Our international tax specialists define the concept of sustainable tax behavior and provide services related to sustainable tax behavior.
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Digital strategy
We help assess the digital maturity of your organization, create a strategy that matches your needs and capabilities, and develop key metrics.
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Intelligent automation
We aid you in determining your business’ needs and opportunities, as well as model the business processes to provide the best user experience and efficiency.
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Business Intelligence
Our team of experienced business analysts will help you get a grip on your data by mapping and structuring all the data available.
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Cybersecurity
A proactive cyber strategy delivers you peace of mind, allowing you to focus on realising your company’s growth potential.
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Innovation as a Service
On average, one in four projects fails and one in two needs changes. We help manage the innovation of your company's digital solutions!
The calculation of tax-exempt income changed in 2018. To avoid the obligation to pay additional income tax on the basis of tax returns, more attention must be paid to which categories of income are counted toward taxable annual income. One taxable type of income is the parental benefit, which will be calculated under new principles starting 1 September of this year.
For parents who become entitled to receive the parental benefit before 1 September 2019, nothing will change and the income earned in 2018 will be the basis for calculation of the parental benefit. Thus, it is relatively simple to estimate the amount of the parental benefit and how it will affect taxable income.
For parents who become entitled to receive the parental benefit starting 1 September 2019, the period used as the basis for calculation of the parental benefit will change. According to the new procedure, the nine full calendar months preceding the child’s birth month will be deducted and income for the 12 calendar months prior to those 9 months will be used as the basis for calculation of the parental benefit. For example, if a child was born in September 2019, the 12 calendar months preceding December 2018 are considered and the amount of the parental benefit will be calculated on the basis of the income earned during the period from 1 December 2017 to 30 November 2018.
Parental benefit can be received immediately after the end of maternity leave
If a mother was employed prior to the child’s birth, she has the right to go on maternity leave and receive a maternity benefit for 140 calendar days. The right to receive the parental benefit starts on the day after the last day of the pregnancy and maternity leave. Thus, if the maternity certificate leave started on 13 April 2019 or earlier, the parental benefit is calculated on the basis of the current procedure. For those who started their maternity leave on 14 April 2019 or later, the parental benefit is calculated on the basis of the new procedures.
Days spent on sick leave are deducted from the parental benefit
In the case of both the existing and new procedure, the amount of the parental benefit depends on the amount of social tax declared on the income earned. Regardless of whether the parental benefit is calculated based on the new or old procedure, the calculation is adjusted by the number of days that the recipient of the parental benefit was on sick leave or pregnancy/maternity leave during the period that is the basis of parental benefit.
If the recipient of the parental benefit was not employed throughout the period that is the basis for the calculation, the calculation is adjusted based on the number of months actually worked. For example, if a person worked a total of 10 months out of 12 months, the average wage for the 10 months is calculated, multiplied by 10 and divided by 12.
Non-employed parents are also entitled to parental benefit
If the monthly income of the applicant for parental benefit during a 12 month period was lower than minimum wage, the parental benefit is paid out at the minimum wage level. The minimum wage in 2019 is 540 euros.
If a person had no income subject to social tax, the parental benefit is paid out at the level of the minimum wage in force as of 1 January of the previous calendar year. In 2019, the benefit rate is thus 500 euros.
The ceiling of the parental benefit is three times the Estonian average wage in the year before last. In 2019, the parental benefit is capped at 3319.80 euros.
What does the duration of parental benefit depend on?
If a child’s mother is entitled to go on pregnancy and maternity leave and maternity benefit, parental benefit is paid for 435 days. If a child’s mother was not entitled to receive the maternity benefit, the parental benefit is paid for 545 days.
Starting in July 2020, the parental benefit can be used until the child turns three years of age. It can be paused and resumed a month at a time. Starting in 2022, the benefit can be used for individual days. Thus, the parent can spread out the parental benefit for a longer period, while working alongside raising the child.
As said, the recipient is permitted to earn other income while they are receiving the parental benefit. The amount of the parental benefit does not decrease as long as the income subject to social tax received in a month is lower than one-half of the maximum benefit. As the maximum benefit amount in 2019 is 3319.80 euros, a person may earn up to 1659.90 in a month without the benefit amount decreasing. The above principles also apply to the parental benefit paid to the child’s father.
An application must be submitted in order to receive the parental benefit
The application for the parental benefit can be submitted to the Social Insurance Board already during the pregnancy and maternity leave after the birth of the child. The application may also be submitted later at any time during the period that the parent is entitled to the parental benefit. If the application is submitted later, the benefit is paid retroactively but not for more than the last six months.
Budget your income!
In summary, it cannot be said that the new procedures will make the calculation of the parental benefit more complicated. At the same time, for those who make maximum use of the basic income exemption each month, the change may result in the need to adjust the use of the tax exemption. Thus, if you already know that you will become entitled to the parental benefit from 1 September and your income varies each month – e.g. because of a bonus or additional income in certain months that increases the average income – it would be a good idea to file paperwork with your employer (in the case of salary) or the Social Insurance Board (in the case of parental benefit) to reduce the amount of tax-exempt income declared or to not claim any exemption at all. This will help prevent unexpected additional income tax obligations.
Autor: Liisa Hansar