TGS Baltic has announced that Estonian Associate Partners Kadri Kallas and Sander Karson have been promoted to Partner and that Senior Associate Peeter Viirsalu has become Associate Partner.
On January 1, 2018, a new taxation act will enter into force in Estonia – the Entrepreneurial Income Simplified Taxation Act (hereinafter the “Act”). From an IT point of view, the Act will create a new and innovative automatic mechanism for natural persons in the calculation and payment of taxes. The main concept of the Act is that natural persons can set up an entrepreneurial income bank account, where the taxation amount is calculated automatically and transferred to the Tax Authority without the natural person having to physically make or authorize any transfers. However, use of this new account may be limited in practice.
Ellex Raidla has advised Nordic Trustee & Agency AB on its role in Future Gaming Group International AB's bond issuance to finance its acquisition of ViisTek Media in Estonia and Unlimited Media in Malta. Sorainen Estonia advised ViisTek Media and its shareholders on that subsequent acquisition. Counsel for Future Gaming Group was not disclosed on either transaction.
TGS Baltic has represented Credit Value Investments and the funds managed by it during an investment procedure in bonds of AB Civinity. The nominal value and the issue price of the issued bonds is EUR 11 million, while the nominal value and the issue price per bond is EUR 100,000. The bonds will be redeemed after four years.