Startups In Estonia Paid More Taxes Than Ever — Startup Scene Overview of Q1 2017

ARTICLE POSTED

26 Jun, 2017

The Q1 statistics have now been published and here’s a quick overview of what was going on on Estonian startup scene in the first quarter of 2017.

In Q1 2017, Estonia hit the record quarterly tax income ever collected from the startups in the country — €8.8M of government and €8.2M of employment taxes. It shows that startups are increasingly contributing to the Estonian economy. The top taxpayer with the contribution of €1.3M of government and €1.4M of employment taxes was a fintech startup Transferwise that has developed a solution for transferring money abroad at remarkably low costs.

According to statistics from Estonian Tax and Customs Board, almost 2500 people in Estonia had a job in a startup in Q1. The top employers are still Transferwise (397 employees), Pipedrive (206 employees), and Adcash (93 employees) — the same companies as in 2016.

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