The Customer may open several Entrepreneur Accounts in their name, unless this is in conflict with effective legislation.
With entering into the Agreement, the Customer gives the Bank an order for the indefinite term to reserve during the validity of the Agreement the Business Income Tax on all amounts received in the Entrepreneur Account and make payments to the account of ETCB within the sum of Business Income Tax the latest by the tenth (10) day of the next calendar month, following the reservation of Business Income Tax (hereinafter: the Customer's Order). With the conclusion of the Agreement, any payments effected on the basis of the Customer's Order shall be considered as authorised within the meaning of the Law of Obligations Act.
The Bank reserves Business Income Tax on all amounts received in the Entrepreneur Account.
The Bank sends information on the amount received in the Entrepreneur Account to ETCB for calculating the payment obligation. ETCB informs the Bank of the size of the Business Income Tax for each amount received in the Entrepreneur Account.
After receipt of the notification of ETCB, stated in clause 4.4 of the Conditions, the Bank shall make a payment to the ETCB account within the sum of Business Income Tax, calculated by ETCB and forwarded to the Bank.
The Bank forwards ETCB the amount received in the Entrepreneur Account and makes payments to the ETCB account in euros. If the amount received in the Entrepreneur Account is in any other currency than the Euro, the Bank shall calculate the amount received in the Entrepreneur Account into euros on the basis of the exchange rate determined by Eesti Pank. If the funds in the Entrepreneur Account are insufficient for making the payment to the ETCB account in euros, the Bank shall not convert the amounts in the Entrepreneur Account in another currency automatically into euros.
The Customer ensures the availability of sufficient funds in the Entrepreneur Account in euros for executing the Customer’s Order.
If the funds in the Entrepreneur Account are insufficient for paying the Business Income Tax, the Bank shall not execute the Customer’s Order and shall inform the Customer thereof. The Bank does not execute the Customer’s Order on the account of other accounts opened at the Bank.
Notwithstanding the provisions of clause 4.8, the Bank has a right to check the Entrepreneur Account and if sufficient funds have been received in the Entrepreneur Account for making the payment of Business Income Tax within the tax amount to the ETCB account, shall execute the Customer's Order.
If there are several Customer's Orders for a Entrepreneur Account, however the funds available in the Entrepreneur Account are insufficient for the execution of all Customer's Orders, the Bank shall decide on the order of their execution.
It is not allowed to make securities transactions via the Entrepreneur Account and the Entrepreneur Account cannot be used as an investment account within the meaning of Income Tax Act.
The Bank does not provide tax or legal advisory services to the Customer within the performance of the Agreement.
The Bank forwards to ETCB information on the conclusion and termination of the Agreement, on the withdrawal of the Customer's Order and on each amount received in the Entrepreneur Account.