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New procedures for filing annual reports - As of January 1st, 2010, companies, non-profit associations and foundations shall file their annual reports electronically, says Reidi Strandberg, Associate Partner and Head of Business Process Outsourcing at Rödl & Partner Baltics.

Web portal

- A web based IT-portal has been created for the report filers and auditors, where they can create the annual report, sign it, add an auditor's report and send it to the registry. The reporting portal is located at the web address of the Centre of Registers and Information Systems; https://ettevotjaportaal.rik.ee.

The portal is available in English, but the final report is displayed in Estonian.

If none of the management board members have an Estonian personal identification code, the person entering the data cannot be prescribed in the portal. In this case the easiest solution is for the accountant to enter the portal and choose [Submitting the annual report] from the menu and [Add report]. The company can be found by the registry code and the report can be entered in the prescribed forms. Then, the finished report is printed out, signed by the management board members, scanned and submitted to the registry.

Format

- A new solution for electronic filing of annual reports has been developed, and involves entering the report data and information on previously prepared forms in XBRL-format. The reporting forms are universal and those accounting entities which prepare their annual report in accordance with Estonian generally accepted accounting principles and are liable to prepare an unconsolidated annual report, must file it in the XBRL-format. Other accounting entities file their annual reports electronically in the reporting portal in PDF format.

Who should file and sign the annual report

The annual report, and documents filed with it, should be prepared and filed at the web portal by an authorized representative of the entity; a member of the management board, general partner, limited partner with right of representation, liquidator, trustee in bankruptcy or branch manager entered into the registry of accounting entities.

- The representative can however authorize another person to prepare and file the annual report and the authorization can also be made via internet or through a notary.

- All representatives should sign the annual report digitally at the web portal. If that is not possible, the representatives sign the annual report documents prepared on paper and add it to the web portal in PDF format.

Time limit

- The management board is liable to file the confirmed annual report with profit distribution or loss covering proposal, sales revenue and auditor's report to the Commercial Registry within six months after the end of the financial year.

Contact information Rödl & Partner, Tallinn:

Reidi Strandberg
Business Process Outsourcing
Member of the Management Board, Associate Partner
Rödl & Partner OÜ
Tel: (+372) 680 5623
reidi.strandberg[at]roedl.ee
www.roedl.ee