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ΠΡΟΦΙΛ ΣΥΝΑΛΛΑΣΣΟΜΕΝΩΝ ΧΩΡΩΝ
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Taxes - Accounting
Tax rates |
Accounting rules
Tax rates
Consumption taxes
- Nature of the tax
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Value Added Tax (VAT)
- Tax rate
- 20%
- Reduced tax rate
- Reduced rates are 0% and 9%.
A lower 9% rate applies to books (excluding educational books), medicines and certain supplies of heating and energy.
The 0% rate applies to exports and intra-Community supply and supplies relating to international transport.
Are exempted of VAT, leasing of immovable property, postal and heath services, social and insurance services among others.
- Other consumption taxes
- Excise taxes are levied on tobacco, alcohol, electricity, some packaging materials and motor fuel. To get further information on the taxation system, please visit the Website of the Ministry of Finance.
More detailed information on excise duties is available on the European Commission website.
Corporate taxes
Tax rate
| Corporate Income Tax: Estonia levies a distribution tax (in lieu of a corporate tax) on a company's profit. The distribution tax applies to dividends, resident companies and to permanent establishments of foreign companies. |
21% |
- Capital gains taxation
- Capital gains are treated as ordinary income of Estonian resident companies but they are taxed only where there is a profit distribution.
- Main allowable deductions and tax credit
- The 2000 Income Tax Act changed the taxation approach of Estonia and companies became subject to income tax solely with respect to distributions. In other words, under this new law, the corporate entities are exempt from income tax on undistributed profits regardless whether they are reinvested or retained. Payment to foreign afiliates are also tax exempt.
- Other corporate taxes
- Land tax, social security contributions, excise duties and stamp duties, local taxes, gambling tax, heavy goods vehicle tax exist in the taxation system. More information can be found on the website Investinestonia.
Individual taxes
Tax rate
| Individual income tax |
21% |
- Allowable deductions and tax credit
- Many deductions are allowed, and some exemptions like capital gains, scholarships paid on the basis of law, fringe benefits, accommodation reimbursements for business trips, insurance contracts, compensation for the use of private vehicles, child allowances and other subsidies and compensation paid from the State.
- Special expatriate tax regime
- A limited list of taxable items apply to non-residents: income from work under a labour contract or contractor's agreement in Estonia ; income from a business carried on in Estonia, dividends paid by Estonian companies, interest income received from Estonia, royalties.
Double taxation treaties
- Countries with whom a double taxation treaty have been signed
- See the list of the convention signed
- Withholding taxes
- Dividends: 0% ; Interest: 0%/21% ; Royalties: 0%/15%
- Bilateral agreement
-
 We can indicate you which local taxes are applied to your product.
Accounting rules
- Tax year
- The fiscal year begins on January 1st and ends on December 31st of the same year.
- Accounting standards
- Two accounting principles coexist in the Estonian law: the Estonian accounting principles and the IFRSs (International Financial Reporting Standards).
Commercial companies can choose whether to comply their annual financial statements with the Estonian accounting principles or with the IFRS. On the other hand, listed companies, credit institutions and insurance companies are required to follow IFRSs. The Estonian Accounting Standards (RTJ) can be regarded as summarized and simplified translations of the corresponding IFRSs.
- Accounting regulation bodies
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EASB
- Accounting reports
- The main financial documents in Estonia are the balance sheet, the profit and loss account and the cash flow statement.
The Accounting Act sets a number of formal requirements to accounting source documents. Each entity has to prepare its internal regulations on accounting and the chart of accounts.Accounting registers can be maintained as hard or electronic copies. The annual statements should be prepared in Estonian language and must be signed by the management board.
- Publication requirements
- The publication is rarely used in Estonia. But since 1997, some accounts of companies are disclosed to the public.
- Professional accountancy bodies
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Estonian Board of Auditors
EAA
- Certification and auditing
- Audit has been compulsory for the majority of companies since 1991. Under the Commercial Code, an audit is compulsory for all public companies. It is compulsory for a private limited company if its share exceeds EEK 400,000 or if the audit requirement has been established into the law or the articles of association. In addition to the requirements of the Commercial Code, according to the accounting Act, auditing is compulsory for all entities exceeding two of the three following criteria: net sales exceed EEK 10 million, the number of employees exceed 10, total assets exceed EEK 5 million. You can contact an external auditor: KPMG, Deloitte, Ernst & Young, PricewaterhouseCoopers.
- Accounting news
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Business and accounting in Estonia
IAS Plus
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