Bank holidays this year are from Tuesday to Thursday, December 24th-26th. Working on a bank holiday is based on an agreement between the parties and for double wages. Unlike for bank holidays the law does not require additional payment for working on the weekends. Working on days intended for the employees to rest normally creates…
On July 9th this year the ECOFIN Council approved the Latvian participation in the Economic and Monetary Union (EMU) from January 1st 2014. The Bank of Latvia fixed the exchange rate at 0.702804 already in 2005, one lat being equivalent to €1.42. As of January 1st 2014, financial institutions and stock exchanges will convert electronic…
Estonian President Toomas Hendrik Ilves blocked on 18th of December 2013 an amendment to the Estonian Value-added tax act – which would require all transactions greater than 1,000 euros to be declared – on the grounds that it is unconstitutional. Opponents of the amendment, including the Estonian Association of SMEs, say it threatens business secrets,…
On the 28th of November the Government of the Republic of Estonia decided to raise the minimum wage for 2014 and 2015. The Government also confirmed the unemployment insurance tax rate for 2014 at the current level. From January 1st 2014 the minimum wage is 2.13 Euros per hour and 355 Euros per month full…
In November, 1Office will open a new office hotel in Tallinn city centre, on the fourth floor of Foorum Centre. The new office hotel to be open contains 12 private offices of various sizes and several meeting rooms. Allocated workspaces in an open office are also available. 1Office has formerly provided office premises on the…
On 19 September 2013, Estonian Employers’ Confederation and the Estonian Trade Union Confederation agreed minimum wage increase by 35 euros both next year and the year after that. This year, minimum wage in Estonia has been 320 euros pursuant to the resolution of the government on 10 January which approved the previous such agreement entered…
From the 15th of May to 15th of September this year, Estonian banks are accepting applications for raising the payment rate for the mandatory funded pension payments for the following four years. Raising the payment rate does not concern people who were born between the years 1942-1954 and who submitted an application in the fall…
Starting from 1st of January 2013, the income tax in Sweden, applied for companies, is 22%, instead of the previous 26,3%. The old tax rate still applies for the companies which financial year started before the 1st of January 2013. In 2014, the income of Swedish companies for the year 2013 will be taxed with…
New minimum gross monthly salary in Estonia is 320 euros. Estonian government approved the new minimum with its decree yesterday 10th of January 2013. The Estonian Trade Union Confederation and The Estonian Employers’ Confederation signed on 21st of December 2012 an agreement, which stated a new minimum gross monthly salary of 320 euros in effect…
New minimum gross monthly salary of 320 euros is not yet approved Minimum gross monthly salary is still 290 euros, until the government approves new minimum with its decree. The Estonian Trade Union Confederation and The Estonian Employers’ Confederation signed an agreement on 21st of December 2012, which stated a new minimum gross monthly salary…