Insights of experts

New research from Grant Thornton reveals how mid-market businesses globally are failing to take adequate steps to protect their business against the threat of inflation. The research coincides with the release of Grant Thornton’s “Essential action plan for managing in inflationary times” and highlights that around three-quarters of businesses globally have not taken the actions we are recommending.

In the competition to hire top talent, many tech and telecom firms are looking abroad. The industry’s employees are already more likely to be location-independent. In fact, the recent Grant Thornton State of Work survey showed that 72% are remote, and more than half rarely go into an office.

All legal entities established in Lithuania must receive, update and store accurate information about their Ultimate Beneficial owners (UBO). This information must be provided to the Legal entities register (UBO subsystem JANGIS) no later than 10 days from the data change.

In the beginning of the year, several tax changes were introduced in Estonia, Latvia and Lithuania.

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 €