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InfoCourier - September 2019

InfoCourier - September 2019

InfoCourier provides a monthly overview of the latest changes in legislation.

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Joel Zernask

Partner, Head of Tax Services

KPMG Baltics OÜ

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InfoCourier - September 2019

LHV bank account now available for paying taxes and fees and making other payments to the state

Taxes, duties and other state fees can now be paid into the state’s bank account at LHV Pank, where the State Treasury has opened a group account. The bank’s clients can make intra-bank transfers to the state around the clock and intra-bank payments are received much faster.

The link to the news on Ministry of Finance's homepage available here (in estonian).

For further information, please contact Mikk Tereping, tax adviser, mtereping@kpmg.com

Amendments to the Income Tax Act

Several amendments to the Income Tax Act will come into force on 1 January 2020, based on two Bills on Amendments (No 705 SE and 722 SE).

The amendments in 705 SE concern mainly the taxation of profit taken out of the permanent establishment (including specification of the procedure for establishing the taxable base of assets) and the exit tax provisions discussed in the October 2018 issue of Infocourier.

The amendments in 722 SE provide for a fixed tax base in the taxation of the wages of crew members employed on vessels flying the flag of a state which is a contracting party to the EEA Agreement, with a gross tonnage of 500 or more and engaged in international maritime transport of goods and services, except in case of passenger ships engaged in regular service in the EEA.

722 SE further establishes the tonnage tax for shipping companies as an alternative to the existing income tax system.

The bills can be accessed at the links below (in Estonian):

722 SE and 705 SE.

For further information, please contact Mikk Tereping, tax adviser, mtereping@kpmg.com

New standards, interpretations and amendments applicable for the reporting periods ending on 31 December 2019

The table below lists the standards, interpretations and amendments applicable for the reporting periods beginning on 1 January 2019 or later, which must be adopted for the first time in financial reports prepared under the International Financial Reporting Standards (IFRS) as adopted by the European Union.

IFRS 16 - Leases Web article

IFRIC 23 - Uncertainty over Income Tax Treatment Web article

Amendment to IFRS 9 - Prepayment Features with Negative Compensation Web article

Amendment to IAS 28 - Long-Term Interests in Associates and Joint Ventures Web article

Amendment to IAS 19 - Plan Amendment, Curtailment or Settlement Web article

IFRS annual improvements 2015–2017 Web article

Effective date 1 January 2019.

 

KPMG Accounting Advisory can help you with the implementation of the new accounting standards.

Further information: Margus Olesk, Accounting Consultant and Auditor, molesk@kpmg.com

© 2020 KPMG Baltics OÜ, an Estonian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

KPMG International Cooperative (“KPMG International”) is a Swiss entity.  Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

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