From today the Estonian Tax and Customs Board will offer the possibility of drawing up a tax information certificate for private or company’s purposes, which provides a convenient and speedy way to give banks the information they need for evaluating your lending capacity.
Everybody who wishes can draw up a certificate in e-Tax/e-Customs. After you have selected a period and the information that will be displayed on the certificate, the information system will automatically compile the required certificate for electronic transmission.
“We designed the tax information form together with Estonian Banking Association. The certificate helps loan applicants save time to a large extent because there is no need to ask information from different places any more. Once the tax information has been submitted to state authorities, it can be quickly retrieved from our information system,” explained Piia Viks-Binsol, head of division at the intelligence department of Estonian Tax and Customs Board.
The advantages of the certificate issued by the Tax and Customs Board are as follows: information of a private or legal person comes from one reliable source; it is profound, it can be submitted for the last two years and processed electronically. Likewise, business operators can use the tax information certificate to give their business partners an overview of their economic activities. “This increases transactions’ transparency and provides assurance to parties that their tax matters are in order,” Viks-Binsol added.
Katrin Talihärm, executive director of Estonian Banking Association, finds that the possibility of obtaining tax information centrally and in a standardised format has a positive impact on providers of loans as well as on borrowers. “Since persons can decide whether and to whom they provide their tax information, it will probably be a valuable tool for both banks and other creditors in performing speedier and more precise solvency assessment of loan applicants.”
In order to get a tax information certificate you have to log in to e-Tax/e- Customs, select the heading Claims and liabilities > Certificates > Tax information certificate. A certificate can be compiled of the information of a private person (wages, employers, other income etc.) as well as legal person (VAT, payments to employees etc.), and it is possible to choose either you submit all the information or part of it. Then the information can be directly transmitted via e-Tax/e- Customs to a bank, transaction partner or other persons either in Estonian, Russian or English. Using tax information certificate is voluntary and information is provided by persons themselves. Further details can be found on the website of Estonian Tax and Customs Board.