Estonia – Muhasebe News https://www.muhasebenews.com Muhasebe News Fri, 17 Feb 2023 08:11:40 +0000 en-US hourly 1 https://wordpress.org/?v=6.3.3 Industrial production in Estonia fell in 2022 due to weaker performance in the second half of the year https://www.muhasebenews.com/en/industrial-production-in-estonia-fell-in-2022-due-to-weaker-performance-in-the-second-half-of-the-year/ https://www.muhasebenews.com/en/industrial-production-in-estonia-fell-in-2022-due-to-weaker-performance-in-the-second-half-of-the-year/#respond Fri, 17 Feb 2023 08:11:40 +0000 https://www.muhasebenews.com/?p=138732

According to Statistics Estonia, in 2022, the total production of industrial enterprises fell by 1.9% at constant prices compared with the year before. Of the three main industrial sectors, production increased by 7.3% in mining and by 5.4% in energy production but decreased by 2.7% in manufacturing.

“The beginning of 2022 was good for manufacturing. March was the best month as manufacturing production grew by 6.7% year on year,” said Helle Bunder, analyst at Statistics Estonia. “From June onwards, manufacturing production started to decline. November was the weakest month of 2022 with a 13.1% decrease in output,” added Bunder.

In 2022, production volumes fell in more than half of the 23 manufacturing activities. Among the larger industries, output increased in the manufacture of computers and electronic products (10.3%) and in the manufacture of electrical equipment (4.8%). Production volumes remained more or less on the same level in the manufacture of shale oil and in the manufacture of food products. Among the manufacturing activities with larger shares, output decreased in the manufacture of wood (7.6%), fabricated metal products (5.2%), and furniture (10.1%).

67.4% of the total production of manufacturing was sold to the external market in 2022. Compared with 2021, export sales increased by 18.1% and domestic sales by 17.1% at current prices according to working-day adjusted data.

In December 2022, total industrial production fell by 11.6% and manufacturing production by 11.5% compared with December 2021. In energy production, the volume of electricity production (in megawatt-hours) decreased by 16.2% and the production of heat by 10.7% year on year.

In December compared with November, the seasonally adjusted total industrial production grew by 2.1% and the production of manufacturing by 3.0%.

Source: Statistics Estonia
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]]> https://www.muhasebenews.com/en/industrial-production-in-estonia-fell-in-2022-due-to-weaker-performance-in-the-second-half-of-the-year/feed/ 0 OPEC, Non-OPEC Extend Oil Output Cut by Nine Months to Fight Glut! https://www.muhasebenews.com/en/opec-non-opec-extend-oil-output-cut-by-nine-months-to-fight-glut/ https://www.muhasebenews.com/en/opec-non-opec-extend-oil-output-cut-by-nine-months-to-fight-glut/#respond Wed, 31 May 2017 11:28:41 +0000 https://www.muhasebenews.com/?p=16894 Euro area annual inflation was 1.9% in April 2017, up from 1.5% in March. In April 2016 the rate was -0.2%.

European Union annual inflation was 2.0% in April 2017, up from 1.6% in March. A year earlier the rate was -0.2%. These figures come from Eurostat, the statistical office of the European Union.

The lowest annual rates were registered in Romania (0.6%), Ireland (0.7%) and Slovakia (0.8%). The highest annual rates were recorded in Estonia (3.6%), Lithuania (3.5%) and Latvia (3.3%).

Source: Republic of Turkey Ministry of Economy

Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

]]> https://www.muhasebenews.com/en/opec-non-opec-extend-oil-output-cut-by-nine-months-to-fight-glut/feed/ 0 Euro Area and EU28 Government Deficit at 1.5% And 1.7% of GDP Respectively https://www.muhasebenews.com/en/euro-area-and-eu28-government-deficit-at-1-5-and-1-7-of-gdp-respectively/ https://www.muhasebenews.com/en/euro-area-and-eu28-government-deficit-at-1-5-and-1-7-of-gdp-respectively/#respond Sat, 29 Apr 2017 06:52:18 +0000 https://www.muhasebenews.com/?p=14825 In 2016, the government deficit and debt of both the euro area (EA19) and the EU28 decreased in relative terms compared with 2015. In the euro area the government deficit to GDP ratio fell from 2.1% in 2015 to 1.5% in 2016, and in the EU28 from 2.4% to 1.7%.

In the euro area the government debt to GDP ratio declined from 90.3% at the end of 2015 to 89.2% at the end of 2016, and in the EU28 from 84.9% to 83.5%. In 2016, Luxembourg (+1.6%), Malta (+1.0%), Sweden (+0.9%), Germany (+0.8%), Greece (+0.7%) registered a government surplus.

At the end of 2016, the lowest ratios of government debt to GDP were recorded in Estonia (9.5%), Luxembourg (20.0%), Bulgaria (29.5%).

Source: Ministry of Economy

Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

]]> https://www.muhasebenews.com/en/euro-area-and-eu28-government-deficit-at-1-5-and-1-7-of-gdp-respectively/feed/ 0 Minimum Wages in the Other Countries https://www.muhasebenews.com/en/minimum-wages-in-the-other-countries/ https://www.muhasebenews.com/en/minimum-wages-in-the-other-countries/#respond Mon, 20 Mar 2017 12:51:20 +0000 https://www.muhasebenews.com/?p=11017 Introduction
The amount of minimum wages for the next year is determined in the meeting made in December being the last month of the previous year.

The institution which determines the amount of minimum wage is titled “Minimum Wage Determination Commission”.

Members of the Commission are listed below:
– 5 people – Representatives on behalf of the Government
– 5 people – Representatives from Turkish Company Union (on behalf of workers)
– 5 people – Turkey’s Employers’ Association

The amount of minimum wage in 2017 is supposed to be declared before the year ends.

1- What were the Amounts of Minimum Wages in Turkey for the Last Years?
The gross amounts of Minimum wages for 13 years between 2005 and 2017 are shown in the table below.

In the last column of the table, one may see the increase rate of minimum wages in comparison with the previous year.

The increase rate of minimum wage in 2016 is higher compared to the previous years. As minimum living allowance was included in minimum wage. In the previous years, minimum living allowance was not included in minimum wage.

2- How much is the Minimum Wage in 2016?
Minimum wage in 2016 including minimum living allowance;
Gross:                              1.647,00 TL
Net:                                 1.176,47 TL
Minimum Living Allowance: 123,53 TL (minimum)
Net Paid:                          1.300,00 TL (including minimum living allowance)

3- How much is the Minimum Wage in 2017?
The gross amount of minimum wage in 2017 is 1.777,50 TL and the minimum amount for an employee is 1.404,06 TL including minimum living allowance. Minimum living allowance is included in that amount. There will not be added minimum living allowance to the expounded amount.

Minimum wage in 2017 including minimum living allowance;
Gross:                              1.777,50 TL
Net:                                 1.270,75 TL
Minimum Living Allowance: 133,31 TL (minimum)
Net paid:                          1.404,06 TL (including minimum living allowance)

4- Where Would You Like to Live?
If minimum wage is taken into consideration while giving an answer to this question, the answer will be Luxembourg, the Netherlands, Australia or Belgium. For those countries have the maximum amount of minimum wage, according to Organization for Economic Co-operation and Development. Below, one may find the amount of annual minimum wages of some countries in the World in line with the data given by Organization for Economic Co-operation and Development. Turkey ranks number 20 in the list.

Date: 20 March 2017

Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

]]> https://www.muhasebenews.com/en/minimum-wages-in-the-other-countries/feed/ 0 Investment Legislation https://www.muhasebenews.com/en/investment-legislation/ https://www.muhasebenews.com/en/investment-legislation/#respond Mon, 13 Mar 2017 13:39:08 +0000 http://www.muhasebenews.com/?p=10324 Turkey’s investment legislation is simple and complies with international standards, while it offers equal treatment for all investors. The backbone of the investment legislation is made up of the Encouragement of Investments and Employment Law No. 5084, Foreign Direct Investments Law No. 4875, the Regulation on the Implementation of the Foreign Direct Investment Law, multilateral and bilateral investment treaties and various laws and related sub-regulations on the promotion of sectorial investments.

Legal Framework of Foreign Direct Investment
1. Foreign Direct Investment (FDI) Law No. 4875

The aim of the Foreign Direct Investment (FDI) Law No. 4875 is:

  • to encourage FDI in the country
  • to protect the rights of investors
  • to align the definitions of an investor and investment with international standards
  • to establish a notification-based system rather than an approval-based one for FDI
  • to increase the volume of FDI through streamlined policies and procedures

The FDI Law provides a definition of foreign investors and foreign direct investments. In addition, it explains important principles of FDI, such as;

  • freedom to invest,
  • national treatment,
  • expropriation and nationalization,
  • freedom of transfer,
  • national and international arbitration and alternative dispute settlement methods,
  • valuation of non-cash capital,
  • employment of foreign personnel,
  • liaison offices.

The Regulation on the Implementation of the FDI Law consists of specifying the procedures and principles set forth in the FDI Law. The aim of the FDI Law with regard to the work permits for foreigners is:

  • to regulate the work carried out by foreigners
  • to stipulate the provisions and rules on work permits given to foreigners

    2. Bilateral Agreements
    2.    a. Bilateral Agreements for the Promotion and Protection of Investments
    Bilateral Agreements for the Promotion and Protection of Investments were signed from 1962 onwards with countries that show the potential to improve bilateral investment relations. The basic aim of bilateral investment agreements is to establish a favorable environment for economic cooperation between the contracting parties by defining standards of treatment for investors and their investments within the boundaries of the countries concerned. The aim of these agreements is to increase the flow of capital between the contracting parties, while ensuring a stable investment environment. In addition, by having provisions on international arbitration, they aim to prescribe ways to successfully settle disputes that might occur among investors and the host state. Turkey has signed Bilateral Investment Treaties with 94 countries. However, Turkey is a dualist country, where an international treaty has to be ratified and promulgated in order to become part of the national legal system. Within this regard, 75 Bilateral Investment Treaties out of these 94 have gone into effect so far.

75 countries
Afghanistan, Albania, Argentina, Australia, Austria, Azerbaijan, Bangladesh, Belarus, Belgium-Luxembourg, Bosnia and Herzegovina, Bulgaria, China, Croatia, Cuba, Czech Republic, Denmark, Egypt, Estonia, Ethiopia, Finland, France, Georgia, Germany, Greece, Hungary, India, Indonesia, Iran, Israel, Italy, Japan, Jordan, Kazakhstan, Kuwait, Kyrgyzstan, Latvia, Lebanon, Libya, Lithuania, Macedonia, Malaysia, Malta, Moldova, Mongolia, Morocco, Netherlands, Oman, Pakistan, Philippines, Poland, Portugal, Qatar, Romania, Russian Federation, Saudi Arabia, Senegal, Serbia, Singapore, Slovakia, Slovenia, South Korea, Spain, Sweden, Switzerland, Syria, Tajikistan, Thailand, Tunisia, Turkmenistan, Ukraine, United Arab Emirates, United Kingdom, United States of America, Uzbekistan, Yemen
Source: Ministry of Economy

2. b. Double Taxation Prevention Treaties
Turkey has signed Double Taxation Prevention Treaties with 80 countries. This enables tax paid in one of two countries to be offset against tax payable in the other, thus preventing double taxation.

80 countries
Albania, Algeria, Australia, Austria, Azerbaijan, Bahrain, Bangladesh, Belarus, Belgium, Bosnia and Herzegovina, Brazil, Bulgaria, Canada, China, Croatia, Czech Republic, Denmark, Egypt, Estonia, Ethiopia, Finland, France, Georgia, Germany, Greece, Hungary, India, Indonesia, Iran, Ireland, Israel, Italy, Japan, Jordan, Kazakhstan, Kuwait, Kyrgyzstan, Latvia, Lebanon, Lithuania, Luxembourg, Macedonia, Malaysia, Malta, Moldova, Mongolia, Morocco, Netherlands, New Zealand, Norway, Oman, Pakistan, Poland, Portugal, Qatar, Romania, Russian Federation, Saudi Arabia, Serbia and Montenegro, Singapore, Slovakia, Slovenia, South Africa, South Korea, Spain, Sudan, Sweden, Switzerland, Syria, Tajikistan, Thailand, Tunisia, Turkish Republic of Northern Cyprus, Turkmenistan, Ukraine, United Arab Emirates, United Kingdom, United States of America, Uzbekistan, Yemen
Source: Revenue Administration

Turkey is continuing to expand the area covered by the Double Taxation Prevention Treaty by adding more countries on an ongoing basis.

2. c. Social Security Agreements
Turkey has signed Social Security Agreements with 26 countries. These agreements make it easier for expatriates to move between countries. The number of these countries will increase in line with the increased sources of FDI.

26 countries
Albania, Austria, Azerbaijan, Belgium, Bosnia and Herzegovina, Bulgaria, Canada and the Province of Quebec, Croatia, Czech Republic, Denmark, France, Georgia, Germany, Libya, Luxembourg, Macedonia, Netherlands, Norway, Romania, Slovakia, Serbia, South Korea, Sweden, Switzerland, Turkish Republic of Northern Cyprus, United Kingdom
Source: Social Security Institution (SSI)

3. Customs Union and Free Trade Agreements (FTA)
A Customs Union Agreement between Turkey and the European Union has been in effect since 1996. The agreement allows trade between Turkey and the EU countries without any customs restrictions. The EU-Turkey Customs Union is one of the steps toward full Turkish membership of the EU itself.

Turkey has FTAs with 37 countries, creating a free trade area in which the countries agree to eliminate tariffs, quotas and preferences on most goods and services traded between them. This framework explains why many global companies are now using Turkey as a second supply source and manufacturing base, not only for the EU and rapidly growing Turkish markets, but also for the Middle East, Black Sea and North African markets, with the added advantage of a relatively low-cost but well-educated labor force, coupled with cost-effective transportation.

37 countries
Albania, Bosnia and Herzegovina, Egypt, Georgia, EFTA, Israel, South Korea, Macedonia, Morocco, Malaysia, Mauritius, Palestine, Jordan, Syria*, Tunisia, Montenegro, Serbia, Chile
Countries that have finalized the negotiation process: Faroe Islands, Ghana, Kosovo, Lebanon, Moldova, Singapore
Countries in the negotiation process: Democratic Republic of the Congo, Cameroon, Colombia, Ecuador, Gulf Cooperation Council, Japan, Libya, Mexico, Mercosur, Peru, Seychelles, Ukraine *suspended
Source: Ministry of Economy

 Date: 13 March 2017

Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

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