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Estonian tech companies paid €323M in employment taxes in 2023
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In 2023, Estonian startups and growth companies paid €323M in employment taxes, which is 18% more than in 2022, when they paid €273M. The Estonian Tax and Customs Board statistics reveal that startups contributed 65% of these taxes, while growth companies contributed the rest 35%. Among the top 10 companies that paid the most taxes were Bolt (€36,9M), money transfer service Wise (€34,9M), and provider of web-based sales CRM Pipedrive (€16,4M).
The startup sector and the information technology sector accounted for 2,2% and 6,7% of Estonia's GDP, respectively. These sectors showed a slight increase of 0,3% in their share of GDP, compared to 2022.
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The number of employees in the Estonian startup sector decreased by 4% in 2023 (12,484) compared to the previous year (13,057). 69% of the employees were hired by startups and 31% by growth companies. Wise (1899 employees), Bolt (1278 employees), and Pipedrive (418 employees) created the most jobs in the startup sector.
- 38% of women and 62% of men worked in the startup sector.
- The majority of employees were aged 31-40 (45%), and 37% were aged 21-30.
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Nearly a third of the workforce in the startup sector originated from outside Estonia with the majority of foreign employees coming from outside the European Union.
- 68% of those employed in the Estonian startup sector have a university degree.
- 37% have a bachelor’s degree, 29% have a master’s degree, and 2% have a doctorate.
- Interestingly, 86% of foreign employees in the startup sector have a tertiary degree.
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