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 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.
|Estonia||Eastern Europe & Central Asia||United States||Germany|
|Number of Payments of Taxes per Year||8.0||28.0||11.0||9.0|
|Time Taken For Administrative Formalities (Hours)||85.0||260.0||175.0||207.0|
|Total Share of Taxes (% of Profit)||67.3||40.5||46.7||46.8|
Source: Doing Business - Last Available Data.
|Individual income tax||20%|
|Type of property and law||Validity||International Agreements Signed|
Patent Act, March 16, 1994 (last amended October 27, 1999)
Trademark Act, August 1992 (last amended December 1997)
|10 years (renewable)||
Protocol Relating to the Madrid Agreement Concerning the International Registration of Marks
Industrial Design Protection Act, November 18, 1997 (last amended November 25, 1998)
|5 years, renewable for two further 5-year periods|
Copyright Act, November 1992, (last amended February 1999)
|The term of protection is the life of the author and seventy years after his or her death irrespective of the date in which work is lawfully made available to the public||
WIPO Copyright Treaty
Industrial Design Protection Act, November 1997 (last amended in 1998)
|5 years from the date in which the application has been duly filled in.|
|New Year's day||January 1|
|Good Friday||Friday before Easter|
|Easter Sunday||Depending on Easter's date|
|Spring Day||May 1|
|Pentecost||Moveable (50 days after Easter)|
|Victory Day||June 23|
|St John's Day or Midsummer Day
|Day of Restoration of Independence||August 20|
|Christmas Eve||December 24|
|Christmas Day||December 25|
|Boxing Day||December 26|
|Winter holidays||Between Christmas and New Year|
|Summer holidays||Starting on Midsummer (Summer solstice)|
Any Comments About This Content? Report It to Us.
© Export Entreprises SA, All Rights Reserved.
Last Updates: January 2015