Urmas Sõõrumaa: I want to leave Estonia!

Businessman Urmas Sõõrumaa says that Estonia’s society is narrow-minded and jealous and this destroys the will to do business here. His new challenges are electricity business, Ukrainian market, charity and art.

“Perhaps the public does not understand yet but many businessmen are selling their companies here and not only because of the economic downfall,” Sõõrumaa told Eesti Ekspress.

Sõõrumaa added that business cannot be successful in Estonia and cited the construction group Merko’s saga in Latvia.

According to Sõõrumaa it is not possible to explain in the current environment that transit is not something that serves the interests of our large neighbor.

Source: BBN

XXVII Tallinn Old Town Days 2-8 June

This year Tallinn has the 27th Old Town Days and like last year they go on for a whole week.

See the program  at http://www.vanalinnapaevad.ee/?s=44
About Tallinn: http://www.tourism.tallinn.ee/
Videos of Tallinn http://www.tourism.tallinn.ee/rightmenu/article_id-1140



CHECK OUT THE 2009 PROGRAM HERE https://brilliantfixer.wordpress.com/2009/05/20/tallinn-old-town-days-30-05-6-06-2009/

Biggest declared income exceeded EEK 100 mln

According to the Tax Board, the biggest income declared in Estonia in 2007 exceeded EEK 100 mln.
46 people earned more than EEK 10 mln a year ago, aripaev.ee writes.

Hannes Udde, deputy head of the Tax and Custom Board service department, affirmed that such income is earned by operating with shares or other assets.

According to Udde, they do not have rights to disclose the names of those millionaires. However, he hopes that it will become possible in the near future.

One of the richest men in Estonia, Urmas Sõõrumaa, told postimees.ee that he does not know his last years income exactly but it is unlikely it exceeded EEK 100 mln.

Source: BBN

Baltic States on course for hard landing

The boom that followed accession to the European Union in 2004 is now over and from being the fastest growing economies in the EU the Baltic states are set to become the slowest.

Estonian gross domestic product shrank by 1.9 per cent in the first three months of this year compared with the previous quarter, while Lithuanian economic growth slowed to 6.9 per cent and Latvian growth more than halved year on year to 3.6 per cent, Financial Times writes.

Double-digit GDP growth over the past few years has triggered rapid increases in wages, inflation and property prices.

Read more: BBN

State is about to lose a massive tax dispute

The Estonian state is close to losing a massive tax dispute with the former shareholder of Sylvester forest group in connection with the sale of Sylvester to Stora Enso.

Postimees writes that the Tallinn Administrative Court ruled yesterday that the state must pay back EEK 350 mln in income tax it withheld from the former owners of Sylvester.

In addition, the state will have to pay EEK 80 mln in interest plus EEK 3.1 mln in legal fees.

The biggest claim concerned Mati Polli, the founder of Sylvester, from whom the state was claiming about EEK 85 mln.

The tax board disputed that Polli and his partners should not have transferred their holdings in Sylvester to their private companies, but should have sold Sylvester as private persons. By law, if they had sold it as private persons they would have been subject to income tax while companies pay income tax only when they take out dividends.

Allegedly, shareholders of Sylvester obtained a written permit from the then head of tax board Aivar Sõerd that they can transfer their holdings to the names of their companies. The tax board now disputes having issued such a permit.

Read further: BBN