Tax board to publish companies with the tax debt

The Tax Board will publish the names of all companies with tax debt of 1,000 euros or more on its website starting on June 1, in an attempt to create accounting discipline.

Currently there are about 5,000 companies which qualify for the list.

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Owners of Tallink to develop a shopping centre

Finally, after eight years the Tallinn City Government has decided to give its approval for owners of Tallink ferry group to start developing a shopping and entertainment complex in Lasnamäe, writes Äripäev.

The complex, code-named Tallink City, will be developed by Inf Maja that belongs to Enn Pant, Ain Hanschmidt and Kalev Järvelill, large shareholders of Tallink.

The development could cost around 100 million euros.

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Foreign investors interested in former prison

The Patarei sea fortress and prison, which has been mostly abandoned since 2002, when the prison was shut down, has attracted interest from a number of foreign investors.

State Real Estate, which owns the 4-hectare seaside property, said it will wait for the approval of a detailed plan.

The state attempted to sell the property with a initial price of 3 million euros two years ago, but received no bids.

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Men imprisoned for misleading investors

Harju County Court on May 30, 2014 sentenced four men to prison for misleading investors in a 12-million-euro investment project in Baku, the capital of Azerbaijan.

Erik Piirsalu and Tõnis Haavel, both 43 will have to serve six months in prison and accomplices Harles Liiv, 41, and Šarunas Skyrius, 36, both three months. All four men were also handed suspended sentences to take effect after release from prison. The men will also have to pay back 11.8 million euros to 31 investors, ranging from 1,000 to 4 million euros per investor.

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EMT, Elion and Eesti Telekom to merge

Mobile phone service provider EMT, Internet service provider Elion and parent company Eesti Telekom will merge into one company in September.

The EMT and Elion trademarks will continue to be used, but the name of the company will be Eesti Telekom.

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Estonian postal service gets new brand

AS Eesti Post is switching to a new international name on June 1, 2014 that the company says will stand for its logistics solutions and operations on the home Baltic market. It will continue to use the Eesti Post trademark in Estonia.

The Omniva trademark will cover all existing logistics and e-services brands, such as Post24 package machines, the express mail service ELS Kuller and e-invoicing center.

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The growth in retail sales accelerated

According to Statistics Estonia, in April 2014 compared to April of the previous year, the retail sales of goods of retail trade enterprises increased 8% at constant prices. While in March retail sales increased 5% compared to the same month of the previous year, then in April the retail sales growth accelerated.

In April 2014, the retail sales of goods of retail trade enterprises were 403.6 million euros, which was 307 euros per inhabitant. The growth rate of retail sales in grocery stores accelerated significantly compared to the previous months. While in January the retail sales of those stores increased 5% compared to the same month of the previous year, in February 4% and in March 2%, then in April the growth was 8%. The growth in the retail sales of those stores was influenced by the discount sales campaigns that took place in April, also by the low reference base of the previous year and by the deceleration in the price increase of food products. While in March the annual price increase of food products was 1.7%, then in April 1.2%. Due to a large share, grocery stores covered a bit more than a half of the total increase of the sales of retail trade enterprises.

The retail sales in stores selling manufactured goods increased 11% compared to April 2013. The retail sales via mail order or the Internet increased the most, with retail sales increasing 30% over the year. A higher than average increase occurred also in stores selling textiles, clothing and footwear (20% growth) and in stores selling household goods and appliances, hardware and building materials (15% growth).

The retail sales of automotive fuel, which showed a 2% fall in February and March, took an upturn again in April and increased 3% at constant prices compared to April of the previous year.

Compared to the previous month, in April, the retail sales in retail trade enterprises increased 4% at constant prices. According to the seasonally and working-day adjusted data, the increase was 2%. In the four months (January–April) of 2014, the retail sales in retail trade enterprises increased 6% at constant prices compared to the corresponding period of the previous year.

In April, the turnover of retail trade enterprises was 484.7 million euros, out of which the retail sales of goods accounted for 83%. Compared to April 2013, the turnover increased by 10% at current prices. Compared to the previous month, this indicator increased by 3%.Retail sales volume index of retail trade enterprises and its trend, January 2004 – April 2014
(2010 = 100)

Diagram: Retail sales volume index of retail trade enterprises and its trend



Source: Statistics Estonia

Lotte themepark too expensive

Parents have not been amused to learn that admission to Lottemaa, the Lotte theme park that is being developed in Tahkuranna near Pärnu, will cost EUR 15 for a child older than 3 years and EUR 18 for adults, writes Eesti Päevaleht.

This means that a family with two children would have to fork out EUR 66 plus catering and transport costs.

According to the marketing manager Jorgen Sumin, the admission price includes about 100 attractions.

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