Insights of experts

Whether you’re a medium-sized dynamic business or a multinational company, tax is a key part of organisation. Ambitious organisations need to consider their tax affairs carefully to gain trust and stay ahead of their competitors. Across our global organisation of more than 130 member firms, our people work towards a common goal – setting Grant Thornton apart from the crowd through rigour and technical excellence.

The global economic cycle has peaked and businesses face a more downbeat outlook in 2019. With risks increasing, how can businesses continue to achieve growth and thrive in the year ahead?

In the beginning of the year, several tax changes were introduced in Estonia, Latvia and Lithuania. Some of the changes will become effective in 2019. In addition we shall highlight tax rates applicable in the Baltics as of 2019.

Tax Reform in 2019

Social contribution changes from the 1st of July, 2018, applicable when employee is paid less than minimum monthly wage

Be informed, that changed procedures of daily allowance and other business travel expense compensation will come into force from the 1st of July, 2018 (in accordance with Government decree No. 523 as of 28/06/2017).

Approved final decision - from 2018 1st of January Minimum monthly wage is raised by 20 € - from 380 € to 400 €

Social security contributions changes from 2018

"Blockchain is not the solution to everything," warns Wayne Pisani, head of financial services at Grant Thornton Malta. "Rather, it is typically part of a solution to a situation you might already have and are using multiple processes which you want to simplify.

Blockchain, the technology behind the bitcoin digital currency, has broken loose from its origins. Given the explosion of interest in blockchain beyond financial services across utility, transportation, business and governmental industries - it is gaining momentum.

How has blockchain been put into practice as part of live, commercial business solutions?"[Blockchain] spells the death of the invoice," proclaims Lee Pruitt, co-founder and CEO of spend-control-as-a-service provider InstaSupply.

Blockchain – the technology behind the bitcoin digital currency – has gone from being a potential pipedream for the future of financial services to a legitimate application for businesses worldwide. It is currently being utilised across many industries, from property sales to environmental conservation, as a real-world commercial opportunity for organisations to put into operation right now. The challenge for those not already on board lies in understanding how to capitalise on the boundless business promise now within reach.

Approved final decision - from 2018 1st of January Minimum monthly wage is raised by 20 € - from 380 € to 400 €

The new General Data Protection Regulation will enter into force in May 2018.

What are the main changes?

The Eurozone has been a weak pillar of the global economy for many years. But now, in 2017, we’re getting used to a new narrative.