In addition to national defense, one of the primary issues addressed in the new Reform-Eesti 200 coalition agreement is the economy. In an appearance on ERR's "Otse uudistemajast," Keldo acknowledged that as a result, many key initiatives are being led by the minister of the economy.

As an example of initiatives aimed at improving the country's competitiveness, he pointed to the major investment support measure that was recently brought before the government cabinet.

Estonia's investment environment is being seen as increasingly risky. The show host cited an example from this week, when a bank that had promised co-financing in businessman Joakim Helenius' acquisition of an agricultural company pulled out at the last minute due to high risks, causing the deal to fail.

"It's no secret that Russia's full-scale war in Ukraine has affected the investment climate throughout Europe," Keldo acknowledged. "That's also why we're making these decisions, and from next year, we'll be allocating at least 5 percent [GDP] to defense. When businesses are deciding whether to make additional investments, and investors are considering whether to invest there, it's crucial to provide a sense of security."

He noted that the Ministry of Economic Affairs and Communications (MKM) has made it a goal that, in the future, companies would only be required to submit a single report.

"We've analyzed the three biggest reports: the annual report, the VAT declaration and the social tax and income tax return," the minister explained. "If these were standardized and automated, businesses would save €132 million over five years."

He added that this essentially shouldn't require significant legislative changes.

"What it does require — and what we've already decided — is that 22 subordinate state agencies standardize their data fields, the way they collect data and how they present it," he explained.

"The most mundane example that business owners often mention is that the Estonian Tax and Customs Board (MTA) knows exactly, down to the penny, how much I pay in wages, but then, a few months later, Statistics Estonia will say, 'Please submit your payroll data,'" Keldo described.

He noted that the ministry has already launched a pilot project with two accounting software providers to standardize data between the MTA and Statistics Estonia, a process which he says will take two years.

"The goal is extremely ambitious," the minister acknowledged. "One reporting system, all data standardized. This is a very concrete reduction in reporting requirements."

The simplest comparison to the planned change, he added, would be the submission of an individual's income tax return, where most of the information comes pre-filled.

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