The following information will help you to understand the accounting system in Estonia. The country has been described as the ‘Switzerland of the North’ and welcomes new investors and entrepreneurs, as well as long established ones. The system of flat rate taxes at low rates benefits everyone, as well as the policy of not assessing corporate income tax on reinvested profits.
A financial report needs to be submitted at the end of accounting period, and this financial statement in Estonia is available for anyone to examine. We can answer any questions that you may have about this process. Finbalt Consulting OÜ offers the service of Expert Accounting in Estonia.
Annual Report In Estonia
The annual report is an effective way to attract investments and raise funds from financial organizations and other investors.
An annual report accurately and correctly prepared will satisfy Estonia’s legal requirements, as well as increase your chances of attracting investors and raising money.
Finbalt Consulting OU has many years of experience of the accounting services in Estonia and the tax system in Estonia, and we can help your company to create a well written and effective annual report.
Your report must be submitted in electronic form by June 30th of the following year. Your report must contain a statement of income and a balance sheet, full information on the company’s owners, any movement of funds, and a statement outlining the company’s official activities.
Many companies can spend up to a month of working hours preparing their annual report, which includes between 6 and 50 applications. Finbalt Consulting, with our knowledge of financial services in Estonia, and bookkeeping services in Estonia, can help your company to prepare and file a clearly written report which satisfies all legal requirements.
Tax Returns In Estonia
There are several types of tax returns in Estonia, and Finbalt Consulting OU can help you to prepare your tax return, no matter how simple or complex.
The Basic Tax Returns: TSD, KMD, VD
| TSD (Declaration Income Tax) | KMD (Declaration Turnover Tax) |
| Deadline – the 10th of the month.This declaration is for Estonians who were paid a wage during the reporting period, and there are several things to consider when preparing your report. Non business related expenses, fuel expenses, paid fines and penalties are taxable, although the retained earnings of the company are not. | Deadline – the 20th of the month.Your company’s turnover must be declared each year, and this amount is subject to value added tax in one of several categories – 0%, 9% and 20%. Any imports and exports which have taken place within the European Union (EU) must be declared, as well as any VAT paid for goods sold or any fixed assets. |
| VD (Turnover Declaration) | |
| Deadline – the 20th of the month.Details of the sale of any goods or services within the EU must be included. | |
The Statistical Report In Estonia
The Department of Statistics requests reports from a number of companies and entrepreneurs each year. Your company must provide several different reports, if you receive an official request from the department, and these should be provided monthly, quarterly or annually. For the best in business guidance in Estonia and to make sure these reports are prepared and submitted correctly, contact the experts – Finbalt Consulting OU.
Report to Estonian Central Bank
Your company’s report to Estonian Central Bank should be submitted each quarter and must contain details of any changes in expenses, income, assets and liabilities within your company during the reporting period.
Preparing and submitting a well written and accurate report and making sure that you submit it within the required time is not always easy. Finbalt Consulting, with our experience of business consultation in Estonia, and the tax system in Estonia, can help your company with its tax needs. Contact us today for fast, accurate and professional help, whether you are submitting your statistical report, or have questions about which tax return to file – we can help you and your company.
Finbalt Consulting OU can help you to make accounting and prepare your tax return.