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The Riigikogu passed with 65 votes in favour the Act that defines micro and small undertakings and medium-sized and large undertakings. The Act also allows for micro and small undertakings to submit a shorter annual report.

The Act on Amendments to the Accounting Act and Amendments to Other Associated Acts (65 SE), initiated by the Government, updates the legal framework of accountancy and brings it into conformity with European Union law. It gives clear criteria as to who is micro undertaking, small undertaking, medium-sized undertaking or large undertaking, and what is small consolidation group, medium-sized consolidation group or large consolidation group.

The Act also provides for the possibility for micro and small undertakings to submit a shorter annual report. Under the Act, the annual accounts of micro and small undertakings consist of at least two main statements (balance sheet, profit and loss account) and notes. So for example, micro and small undertakings will no longer have to submit the management report.

According to the explanatory memorandum of the Act, this way the administrative burden of Estonian undertakings can be reduced without at the same time damaging the reliability and transparency of the business environment.

65 members of the Riigikogu voted in favour of the Act, 5 were against, and there was one abstention.

The Riigikogu concluded the second reading of the Bill on Amendments to the Public Information Act and Amendments to Other Associated Acts (71 SE), initiated by the Government. The main aim of the Bill is to enforce the Directive of the European Parliament and of the Council on the re-use of public sector information. In addition, it is intended to eliminate the practical shortcomings that holders of information as well as the bodies exercising supervision have encountered in the exercise of supervision over compliance with the requirements of the Public Information Act.

Verbatim record of the sitting (in Estonian)

Video recordings of the sittings of the Riigikogu can be viewed at https://www.youtube.com/riigikogu (NB! The recording will be uploaded with a delay.)

Riigikogu Press Service

Urmas Seaver

T: 631 6352; 50 39 907

urmas.seaver@riigikogu.ee

Queries: press@riigikogu.ee

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