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Estonian Government to drop two taxes

Estonian Government to drop two taxes

Income tax and excise duty are going to be dropped by the agreement of the representatives of three Estonian parties, the Center Party, Social Democrat Party, and Pro Patria Res Publica Union (IRL). The main purpose of this decision is to make the business environment in this country a more competitive one. If you want to profit of the latest policies concerning taxation, our law firm in Estonia provides tax planning and advice for companies and foreign investors in this country. 

 

Details concerning the adoption of the tax drop decision

The parties’ coalition decided to adopt the tax drop but they admit as well that the Estonian policy should remain flexible for future improvements and updates. By 1st of January 2018 the Minister of Finance has allocated time for amendments and implementation of the income tax. The government has in plan to prepare carefully each step of the policy implementation. As such they intend to evaluate best practices in package and waste management in order to develop the most appropriate future strategy for Estonia.
 
Our attorneys in Estonia can explain to you what tax amendments regard directly your business activity and they can keep you updated with the government policies concerning the tax environment in this country.
 

Effects of the tax drop for investments in Estonia

Since the excise is applied at the manufacturing stage of a product, this duty is contributing to the burden supported by local producers. By dropping it off, the government encourages production as well as investment in the manufacturing sector of Estonia
 
By renouncing to the excise duty, the Riigikogu Finance Committee shows its interest and careful observation of the present situation in the country. The authorities try to adapt and actualize old policies in order to encourage economic development. The tax dropping in Estonia is only one of the firsts steps done in a direction of modernization and development of the taxation system.
 
Don’t hesitate to call on the legal services provided by our Estonian lawyers, and contact them for assistance with tax planning and tax minimization strategies in Estonia. 
 

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