VAT 20% as of July 1

Value added tax will increase from 18% to 20% as of July 1, 2009.
Unfortunately no additional information available in English from government sources.
VAT taxation information at the Estonian Tax and Customs Board: telephone +372 880 0813, e-mail: kaibemaksemta.ee

Real Estate Market Report 2009

Read the report here
Report published by Ober-Haus real estate agency and Sorainen law office.
A quote from the report:
More than 100,000 sqm of new office space flooded the Tallinn market in 2008, bringing the total to 250,000 sqm. The total stock of A class and B class office space reached 500,000 sqm by the beginning of 2008. [...]

Swedbank to establish Baltic real estate company

Due to a growing number of confiscated properties in the Baltic States, Swedbank “will become a real-estate company” in the region, the bank’s CEO said, The Swedish Wire writes.

In the trail of the financial crisis in the Baltic States, Swedbank, the region’s largest lender, is likely to end up with large assets in real-estates, confiscated [...]

Construction of Bauhaus store begins

Real estate developer Häuser Oberschneider has started the construction of international construction goods retailer Bauhaus’ first store in Estonia in the Lasnamäe borough of Tallinn.
The store in the Tähesaju City, located on the crossing of Mustakivi and Laagna roads, will cover 20 000 square meters, making it the largest construction goods shop in the country, [...]

Economist: raise of VAT rate will deepen recession

The upcoming increase of VAT rate and raise of excise duties on motor fuel will deepen economic recession, not ease it, says economist Viktor Trasberg. Trasberg who teaches economics in Tartu University says that Estonian government is doing the same what IMF did in Latvia. “In Latvia, the extremely incompetent recommendations of IMF to increase consumption [...]

The state separates the transmission network from Eesti Energia

Minister of Economic Affairs and Communications Juhan Parts set up a committee on Friday which will prepare the separation of the transmission network from AS Eesti Energia.
“We have set the objective of taking over the transmission system operator Elering OÜ (with the former name OÜ Põhivõrk) from Eesti Energia 100% to direct state ownership by [...]

Every fifth Estonian is poor

According to Statistics Estonia, in 2007 19.5% of the Estonian population lived in relative poverty, a similar amount to the previous year. The difference in income between the poorest and richest fifth of the population was fivefold, leaving Estonia persistently in the top ten of the poorest countries in Europe.

In 2007, a person was considered [...]

Foreign trade deficit decreased in April

According to Statistics Estonia, in April both exports and imports of goods at current prices declined by 40% compared to April of the previous year. The foreign trade deficit decreased twice.

In April 2009 exports of goods totalled 7.7 billion kroons and imports 9.4 billion kroons, which is significantly less than in April last year. The steep [...]

Estonian food products signed in national colours

The Estonian Food Industry Association together with producers and retail chains will launch a campaign for the popularisation of Estonian food in which domestic food products will get a sign in national colours.
Sirje Potisepp, head of the Estonian Food Association, said the aim of the campaign was to raise consumer loyalty concerning Estonian goods.
Potisepp said [...]

Estonia joined International Renewable Energy Agency

Estonian Ambassador to Germany Mart Laanemäe signed the statute of the International Renewable Energy Agency (IRENA) in Berlin this week, which signifies Estonia’s joining IRENA.
Ambassador Mart Laanemäe stated that Estonia has been deeply involved in the creation of the agency from the beginning. “We live in a world where energy consumption grows from year to [...]