Accounting of Estonian companies
The issue of filing accounting statements of companies in Estonia remains relevant for many entrepreneurs. This state as a tax haven has many advantages, including a zero tax rate on retained earnings. At the same time, filing of accounts remains necessary.
According to the current accounting law, companies in Estonia in 2021 must file accounting statements six months after the business year ends. This means that if the year begins on the first of January, the company must file by the end of June of the new period.
In order to file accounting statements in Estonia, it is required to prescribe the business year in the articles of association. Its duration is 12 months. The period may begin anytime, but it does not change the length of the year. For some new companies, a period of 18 months is allowed. Companies in Estonia submit their documents using the internet portal.
IT-based projects are rapidly developing in Estonia. It is permitted to submit documents remotely via the Internet. Reporting is available if there is a special code which requires a citizenship or residence permit. To clarify the nuances of reporting documents, contact our experts at IT-OFFSHORE.
If you do not submit the papers on time, there is a risk of a fine, the minimum amount of which is 200 euros. Balance sheet, profit, financial flows and capital should be reported every year. Information can be filled out both in the national language and in English.
If all the rules and requirements are met, the report for the year will be filed by the accountant. On the same day, an email will be sent confirming the filing.