In the beginning of 2006 the Estonian Minister of Justice initiated a new activity plan, which sets clear goals in thirteen domains of commercial law based on feedback from entrepreneurs in order to simplify a number of operations and thus increase legal certainty and economic turnover in Estonia.

On 15 February 2007, Estonian parliament (in Estonian <I>Riigikogu</I>) made amendments to the Taxation Act. Among other amendments, a new advance ruling institution was introduced into legislation. Request for an advance ruling from a tax authority will be made available on 1 January 2008

Transfer prices mean the prices of goods and services between transactions with parent companies and subsidiaries or so-called associated companies.

The Electronic Money Institutions Act entered into force on 1 January 2006.

By a recent decision of the European Court of Justice (hereinafter the ECJ)1, Directive 2004/852, granting Estonia a temporary derogation from the common rules for the internal market in electricity and the opening of electricity market, was annulled.

On 1 January 2009, the transition period granted to Estonia for harmonising the Income Tax Act with the EU Parent-Subsidiary Directive will come to an end.

The Corporate Governance Recommendations (hereinafter „Recommendations") are intended first and foremost for the companies whose shares have been admitted to trading on a regulated market operating in Estonia (issuers, except for investment funds registered as public limited companies).