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Estonia

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About

Estonia

Capital
Official languages
Population 
Currency

ISO 4217

Tallinn

Estonian

1.3 million

Euro

EEK

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Economy

"Estonia has a strong and growing economy, with a GDP of $27.7 billion in 2019. This is a 4.2% increase from 2018, making it one of the fastest growing economies in the European Union. The unemployment rate in Estonia is also low, at just 5.2%, and the country has a strong labor force participation rate of 72.3%. The inflation rate in Estonia is also low, at just 1.7%.

Estonia has a strong export market, with exports totaling $14.2 billion in 2019. The country's main exports are machinery and equipment, wood and paper products, and textiles. Estonia also has a strong tourism industry, with over 2.5 million visitors in 2019.

Overall, Estonia has a strong and growing economy, with a low unemployment rate, low inflation rate, and strong export and tourism industries."

Taxation

In Estonia, both corporate and personal income taxes are levied. Corporate income tax (CIT) is imposed on companies' profits, while personal income tax (PIT) is imposed on individuals' income. 


The current CIT rate in Estonia is 20%, and it applies to all profits earned by companies registered in the country. However, companies that distribute their profits as dividends are subject to an additional 14% tax, resulting in a total effective tax rate of 33.2%. There is also a tax on fringe benefits, such as company cars or housing provided to employees.


The PIT rate is a flat tax of 20%, which applies to all income earned by residents in Estonia, regardless of its source. Non-residents are taxed at a rate of 20% on their income earned in Estonia. There is also a social tax of 33% levied on top of the income tax, which is payable by both employees and employers.


The process of tax payment in Estonia is straightforward. Both corporate and personal income tax returns must be filed and paid by March 31 of the year following the tax year. For example, if the tax year is the calendar year, the tax return and payment for 2022 must be submitted by March 31, 2023.


Taxpayers can file their tax returns and make payments electronically through the Estonian Tax and Customs Board's online portal, e-Tax/e-Customs. The portal provides secure access to taxpayers' tax accounts, allowing them to view their tax liabilities, make payments, and submit tax returns.

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