Business

134,500 file tax returns Thursday overnight

15.02.19 ... While the filing of 2018 tax returns was supposed to begin at 00:00 EET Friday, news broke Thursday evening that it was already possible to submit one's return. Thursday overnight, a total of 134,493 people already filed tax returns, with expected total refunds totalling €48.5 million.

Tax inflows on target, excise duty receipts lower than projected in 2018

15.02.19 ... While the inflow of tax money into the Estonian state budget in 2018 was consistent with the Ministry of Finance's expectations, receipts of excise duty on alcohol, tobacco and fuel, meanwhile, remained below the budgeted amount.

Filing of 2018 tax returns to begin at midnight Friday

14.02.19 ... Estonian taxpayers have from 00:00 EET on Friday, 15 February through 1 April to submit their 2018 tax returns. This year, Estonia's famously efficient tax return system will see some changes, including the fact that there will be no restrictions on filing one's taxes via smartphone.

Tallinn deputy mayor: Bankrupt MRP refusing to pay bus drivers

14.02.19 ... Bankrupt public transport company MRP Linna Liinid OÜ is causing outrage among former bus drivers, refusing to pay them their wages and presenting false claims, said Tallinn Deputy Mayor Kalle Klandorf (Centre).

Long-term unemployment at 20-year low, under-employment rises

14.02.19 ... The rate of long term unemployment in Estonia in 2018 was the lowest for 20 years, according to government agency Statistics Estonia, with the labour force also increasing in size.

All Wednesday flights on Brussels route cancelled due to strike

13.02.19 ... All flights on the Tallinn-Brussels route scheduled for Wednesday have been cancelled due to a 24-hour air traffic controller strike currently underway in Belgium.

Finnish railway executive Timo Riihimäki appointed new CEO of RB Rail

13.02.19 ... The supervisory board of RB Rail AS on Tuesday appointed Finnish railway executive Timo Riihimäki CEO and chairman of the management board of the Rail Baltica joint venture RB Rail AS.

Bank of Estonia supervisory board backs Madis Müller for governor

13.02.19 ... In a secret ballot on Tuesday, the supervisory board of the Bank of Estonia elected Madis Müller, the current deputy governor of the central bank, as its candidate for the next governor of the Bank of Estonia.

Nasdaq Tallinn admits Magnetic MRO bonds to trading

12.02.19 ... The Listing and Surveillance Committee of Nasdaq Tallinn decided to approve the application of Magnetic MRO AS, the global provider of total technical care for aircraft operators and lessors headquartered in Tallinn, and admit 80,000 bonds of Magnetic MRO AS with a nominal value of €100 each to trading on MTF First North, operated by Nasdaq Tallinn AS.

€328 million invested in Estonian startups in 2018

12.02.19 ... While the overall number of investments made into Estonian startups declined last year, the total volume of investments grew to €328 million, Kredex and Startup Estonia said on Tuesday.

Jüri Ratas in Dubai: Estonia digital progress an example

11.02.19 ... Prime Minister Jüri Ratas (Centre) was in Dubai, UAE, on Sunday, speaking at the World Government Summit there. Mr Ratas focussed in his speech on Estonia's progress in the digital sphere, and future development possibilities for public sector services.

Enterprise Estonia: Presence in UAE will improve export opportunities

11.02.19 ... The purpose of the Enterprise Estonia representation opened in Dubai on Sunday is to strengthen Estonia's economic ties with the United Arab Emirates (UAE) and increase the export opportunities of Estonian businesses in the Gulf region, Enterprise Estonia CEO Alo Ivask said in a press release.

Estonian exports up 12%, imports 10% in 2018

11.02.19 ... According to information released by Statistics Estonia on Monday morning, in 2018, the exports of goods increased by 12% and imports by 10% compared to 2017. The exports and imports of mineral products had the greatest impact on trade growth in 2018.

LHV receives FSA approval to continue operating in UK after Brexit

08.02.19 ... Estonia's Financial Supervision Authority (FSA) granted LHV Pank, a subsidiary of the listed Estonian financial services group LHV Group, approval to establish a branch in the UK as a third country, should the UK become a third country as it exits the EU.

Nordica 2018 passenger numbers up 22%

08.02.19 ... The number of passengers carried by Nordic Aviation Group AS, Estonia's national airline operating under the Nordica brand, increased 22% on year to 760,000 in 2018.

Enterprise Estonia representation to open in Dubai on Sunday

08.02.19 ... With an event to be attended by Prime Minister Jüri Ratas (Centre) and Minister of Entrepreneurship and Information Technology Rene Tammist (SDE), Enterprise Estonia is opening its newest foreign representation in Dubai on Sunday, 10 February.

Number of tourists accommodated in Estonia in 2018 up 1% on year

08.02.19 ... According to information released by Statistics Estonia on Friday, a total of 3.6 million domestic and foreign tourists stayed in the accommodation establishments of Estonia in 2018, 1% more than in 2017. Last year, the overall number of domestic tourists increased and the number of foreign tourists decreased.

Supreme Court rejects appeal of ID-card producer regarding public tender

07.02.19 ... The Supreme Court on Wednesday rejected an appeal by ID-card producer Gemalto regarding the public tender for the supply of new ID-cards to Estonia's Police and Border Guard Board (PPA).

Consumer price index increases by 2.7% year on year in January

07.02.19 ... According to Statistics Estonia, the consumer change index changed by -0.2% compared to December 2018, and increased by 2.7% year on year in January.

Port of Tallinn corruption case: Trial to begin on 7 May

06.02.19 ... The Harju County Court decided in a preliminary hearing on Tuesday to begin with the trial of former managers of Tallinna Sadam (Port of Tallinn) in spring this year, setting the first trial date for 7 May.

App by Estonian company Plan B Labs chosen Google Play best of 2018

05.02.19 ... Drops, a language-learning app by Estonian company Plan B Labs, has been named Google Play's best app of 2018. As the number of downloads broke the 10-million barrier, the company's revenue increased fivefold, the Baltic News Service reports.

Finland to formally join Rail Baltica joint venture

03.02.19 ... The Finnish government on Friday decided to establish Oy Suomen Rata AB for the comprehensive development of the railway field. According to Minister of Economic Affairs and Infrastructure Kadri Simson, one of its areas of business will be participation in the Rail Baltica joint venture RB Rail AS.

Deutsche Bank: No wrongdoing found in connection with Danske

02.02.19 ... Deutsche Bank said on Friday that it was clearing up its regulatory problems and saw no need to set aside money for two key legal matters, specifically involving alleged money laundering through Danske Bank's Estonian branch and suspicions based on the leaked Panama Papers that its bank employees helped clients launder money through offshore accounts.

Ministry removing mead alcohol content restriction

01.02.19 ... New regulations will remove the restriction limiting the alcohol content of mead for sale in Estonia to 5%.

Banks to cease issuing ID Card PINs as well as pass code cards

01.02.19 ... The practice of high street banks issuing replacement PIN numbers for use in conjunction with the Estonian ID card is to come to an end. From the end of February, replacement PIN numbers can only be obtained at Police and Border Guard Board (PPA) stations.

Estonian financial supervision authority rejects blame in Danske case

01.02.19 ... The Estonian Financial Supervision Authority (FI) disagrees with claims made by its Danish counterpart in a report concerning the Danske Bank money laundering case. In the report, the Danish authority says that its role in the case was limited to "combining the information received from the FI with overall supervision over Danske Bank". The lead role in anti-money laundering efforts concerning Danske was and still is with the Danish supervision agency, the FI insists.

Industrial production increases through 2018

31.01.19 ... Industrial enterprises production increased 4% year-on-year (y-o-y) in 2018, according to Statistics Estonia preliminary data. This was largely supported by rising production in manufacturing and engineering. Conversely, mining production fell.

Swedbank profits rise 21% in 2018, to over €200 million

30.01.19 ... Swedbank in Estonia has reported 2018 profits of €207 million in 2018, a 21% increase on the previous year.

€141 million tax refunds due for past tax year

30.01.19 ... A total of €141 million in tax over-payments is due back to taxpayers for the preceding tax year, according to Tax and Customs Board (MTA) preliminary data.

Profit of LHV increases by 23% to €27.2 million in 2018

30.01.19 ... LHV Group reported a profit of €27.2 million for the 2018 business year, which is 23% more than in 2017. Of the group's different business units, the bank made a profit of €18.4 million, the asset management branch €6.8 million, and the Lithuanian branch another €3 million, LHV told the Tallinn stock exchange.

SEB Estonian branch reports €63.7 million profit for 2018

30.01.19 ... The Estonian business unit of Swedish financial services group SEB report a profit of €63.7 million euros for 2018, down from €85.3 million the year before. According to the bank, the drop in profits has to do with income tax payments.

Retail trade turnover remains stable in December 2018

30.01.19 ... According to Statistics Estonia, the turnover of retail trade businesses at €667.9 million remained at the same level at constant prices in December 2018 as in the same period of the previous year.

Coop Bank increases loan portfolio by 37%, deposits by 22% in 2018

29.01.19 ... The loan portfolio of Coop Bank grew by 37% in 2018, the bank reported. In December last year, the bank's loans amounted to €335 million. The bank also reported an increase in deposits by 22% to €385 million.

Parcel delivery keeping traditional mail afloat

29.01.19 ... The volume of mail sent within Estonia is at about 25% its figure for 2007, according to national mail carrier Eesti Post/Omniva. At the same time, its makeup has changed as parcel delivery grows, due mainly to online shopping.

Tallinn-St Petersburg bus route sees holiday passenger increase both ways

28.01.19 ... Estonian bus line operator Lux Express carried close to 20,000 passengers from Estonia cities to St. Petersburg during the Christmas and New Year holidays, a 7% increase year-on-year (y-o-y).

Centre donor denies link with city council decision favouring his company

28.01.19 ... A company belonging to a major Centre Party donor received a planning decision in its favour on 24 January, namely the cancellation of two long-standing detailed plans concerning a plot of land in central Tallinn know generically as the Sossi Quarter. Removing the plan enables the company, Fausto Capital, to press ahead more easily with developments in the area. However, since Centre is the majority party on Tallinn's city council, eyebrows have been raised at the decision following a €20,000 donation to Centre's coffers near the end of 2018 by Sven Mihailov, part-owner of Fausto. Mr Mihailov denies any chain of cause and effect.

Google, Amazon and other tech companies to meet President

28.01.19 ... Leaders from tech giants Google, Netflix, Spotify, Amazon, Nvidia, Taxify, Microsoft and Starship are due to meet President Kersti Kaljulaid in March, when they will discuss Artificial Intelligence (AI).

Minister: Tallinn rail bypass may now go ahead

28.01.19 ... A rail bypass around running parallel to the proposed Rail Baltica route around Tallinn may now be taken into account, says Minister for Economic Affairs and Infrastructure Kadri Simson (Centre), reversing earlier statements that this would not happen.

Heavy snowfall a challenge for oil shale electricity production

25.01.19 ... The recent heavy snowfall in Estonia has led to mounting costs for companies engaged in oil shale electricity generation and related activities. The region most affected is Ida-Viru County, the easternmost region of Estonia, with Eesti Energia and Viru Keemia Grupp (VKG) the companies involved, as reported on ETV current affairs show Aktuaalne kaamera.

Card payments rise as ATM withdrawals fall

25.01.19 ... Whilst the number of cash machines (ATMs) in Estonia has steadily declined in recent years as alternative methods of payment become more popular, access to cash in rural areas of the country has paradoxically increased, according to a Bank of Estonia press release.

Tax authority advises companies trading with UK prepare for no-deal Brexit

25.01.19 ... The Estonian Tax and Customs Board (MTA) recommends companies start to assess the impact Brexit, reiterating what it has already said on the matter, and in particular considering a no-deal withdrawal of the United Kingdom from the European Union.

Harju County municipalities want bypass railway alongside Rail Baltica

25.01.19 ... The Union of Harju County Municipalities has submitted an appeal to the Ministry of Economic Affairs and Communications requesting the latter to instruct the parties responsible for the establishment of Rail Baltica to take into consideration the need for a bypass railway in the overlapping corridors of Rail Baltic and the Tallinn ring railway.

Hoping to grow, Tallinn Airport plans passenger terminal expansion

24.01.19 ... Tallinn Airport, which served a record-breaking over three million passengers in 2018, is forecasting an at least 5% increase in passengers this year.

Ratas shares Estonia's experience with digital identity at Davos forum

24.01.19 ... Prime Minister Jüri Ratas (Centre) on Wednesday shared Estonia's experience with digital identity at the World Economic Forum in Davos, Switzerland, and discussed ways the public sector can set an example to inspire innovation and the implementation of new technologies.

Simson not to cut any checks to Elron before elections

24.01.19 ... Minister of Economic Affairs and Infrastructure Kadri Simson (Centre) has promised Elron that the decision to procure new passenger trains will be made as the next state budget is drawn up.

Taxify lobbies ministry on ride-sharing bill

24.01.19 ... Taxi-hailing app company Taxify is concerned about its activities in Estonia if a bill aimed at imposing stricter requirements on ride-sharing platforms should pass into law, it is reported.

Eesti Post considers cutting back print media delivery

24.01.19 ... Eesti Post, also known as Omniva, the postal and logistics company based in Tallinn and serving all three Baltic States, is weighing up reducing the frequency of newspaper and magazine delivery.

IT company to relocate in Kalamaja, bringing around 250 jobs

24.01.19 ... Head office of international gaming software company Heathmont has confirmed it will be moving to a new location in Tallinn.

Tuesday electricity consumption nears all-time record

23.01.19 ... The recent bout of cold weather and snow across Estonia has been accompanied by near-record levels of electricity consumption. At 10.00 am EET on Tuesday, 22 January, five-minute average electricity consumption was recorded at 1,549 megawatts.

Paper: Anvelt may have left politics due to ties with Anton Ger

23.01.19 ... Health concerns cited as the reason why Andres Anvelt unexpectedly resigned as Minister of the Interior and quit the Social Democratic Party (SDE) last November may have been a pretext, weekly investigative Eesti Ekspress wrote on Wednesday, noting that the real reason may have been suspicion-inducingly close ties with businessman Anton Ger, who had been investigated by the Financial Intelligence Unit of the Police and Border Guard Board (PPA).
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