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Doing business in Moldova 2011
BAKER TILLY KLITOU
Preface This guide has been prepared by Baker Tilly Klitou, an independent member of Baker Tilly International. It is designed to provide information on a number of subjects important to those considering investing or doing business in Moldova. Baker Tilly International is one of the world's top ten accountancy and business advisory networks by combined fee income, and is represented by 150 firms in 120 countries and over 25,000 people worldwide. Its members are high quality, independent accountancy and business services firms, all of whom are committed to providing the best possible service to their clients, both in their own marketplace and across the world. Doing Business in Moldova has been designed for the information of readers. Whilst every effort has been made to ensure accuracy, information contained in this guide may not be comprehensive and recipients should not act upon it without seeking professional advice. Facts and figures as presented are correct at the time of writing. Up-to-date advice and general assistance on Moldova matters can be obtained from Baker Tilly Klitou; contact details can be found at the end of this guide.
March 2011
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Doing business in Moldova Our Services Our services include:
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1.
Audit and Assurance services § Statutory and IFRS audit for companies registered in Romania § Assistance in the preparation of management accounts § Assistance in the preparation of statutory financial statements (semi – annual & annual) § Preparation of financial statements in accordance with International Accounting Standards (IAS) and International Financial reporting Standards (IFRS) § Preparation of financial statements / financial reporting packages in accordance with UK, US, German, Swiss GAAP § Audit of WB / EBRD financed projects (public and private sector)
2.
Accounting and Payroll /HR services § In-house maintenance of clients accounting records § Assistance for the implementation of ERP software. § Assistance in the preparation of management account § Accounting services at the client premises § Supervision of accounting department § Payroll Services HR services (Drafting / Reviewing employment contracts, Drafting special statements for the company or its employees upon request, HR consulting) § Assistance for the Preparation of the Statutory Financial Statements on a semi-annual basis. § Laising between the companies and third parties ( ie, financial institutions, authorities, suppliers etc ) § Censorship services
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Corporate Finance and Business Advisory services § Management consultancy § Mergers and acquisitions § Management buy outs § Due diligence and investigations § Capital restructuring and fund raising § Business valuation § Business succession § Strategic planning § Internal audits - Outsourcing of internal audit departments § Preparation of internal controls evaluation reports
ยง ยง
Design of internal control procedure manual Feasibility studies including cash flow report
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Corporate and Personal Taxation services ยง Local tax planning for companies and individuals ยง International tax planning for companies and individuals ยง Tax compliance in Moldova ยง VAT compliance in Moldova - Assistance for VAT reimbursement. ยง Transfer Pricing
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Consulting Services ยง Strategy & transformation - Business/functional strategy definition, Enterprise performance management, Post-deal/curve-out support, Company turnaround ยง Improving company performance - Revenue enhancement, Costs reduction & optimization, Working capital management, Strategic profit improvement ยง Improving company capabilities - ERP/CRM/BI implementation support, Organizational redesign, Enterprise functions improvement, Sourcing/outsourcing options & support ยง Solving specific client issues (on demand) such as Regulatory compliance support, Growth support for start-ups and established family business, Interim managementโ
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Doing business in Moldova Contents
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Preface
1
Our Services
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Contents
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1
Fact Sheet
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2 2.1 2.2 2.3
Business Entities and Accounting Moldovan Corporate Entities Auditing and Accounting Requirements Filing Requirements
6 6 8 8
3 3.1 3.2 3.3 3.4 3.5
Finance and Investment Exchange Control Banking and Sources of Finance Securities Market Tariffs Foreign Investment Incentives/Restrictions
9 9 9 9 9 10
4 4.1 4.2 4.3 4.4
Employment Regulation and Social Security Entry Visa and Work Permit Requirements Hiring Local Employees Trade Unions Social Security System
11 11 11 11 12
5 5.1 5.2 5.3
Taxation Corporate Tax Personal Tax Value added Tax (VAT)
13 13 14 15
Appendix - Double Taxation Treaties
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Contact Details
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Doing business in Moldova 1. Fact Sheet Geography Location Area Land boundaries Coastline Climate Terrain Time zone People Population Ethnic groups Religion Language Government Country name Government type Capital Administrative divisions Political situation
Economy GDP - per capital GDP -real growthrate Labour force Unemployment Currency (code)
Central Europe in the north-eastern Balkans 33,843km2 Romania and Ukraine Landlocked Moderately continental Rolling steppe, gradual slope south to the Black Sea GMT +2 4.324 million Moldovans (64.5%), Ukrainian (13.8%), Russian (13%), Gagauzi (3.5%), Bulgarian (2%), Jewish (1.5%) and other (1.7%), The predominant religion is Christianity, 90% of the population nominally being Eastern Orthodox Moldovan is the official language, although Russian is commonly spoken Republic of Moldova Republic Chisinau Moldova is divided into 32 districts, three municipalities (Chişinău, Bălţi, and Bender/Tighina), one autonomous territorial unit (Gagauzia), and one territorial unit (Transnistria) Moldova gained its independence in 1991. A new constitution, adopted in 1994, granted Gaugauzia autonomy, and in 2000 the Parliament approved a constitutional amendment making Moldova a parliamentary republic. The constitution established a unicameral 101-member Parliament, a Constitutional Court and a Presidency. The Parliament elects the President and confirms the Prime Minister by presidential appointment. According to Constitution Moldova is a neutral country. US$2.500 (2010 est.) 3.1% (2010est.) 1.203 million (2010 est.) Unemployment rate: 3.4% (2010 est.). Roughly 25% of working age Moldovans are employed abroad Moldovan leu (MDL)
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Doing business in Moldova 2. Business Entities and Accounting 2.1
Moldovan Corporate Entities
The Civil Code and the Law on Entrepreneurship and Enterprises allows and defines the following legal forms of business organisation: § Limited liability companies (Societate cu răspundere limitată or S.R.L.) § Joint stock companies (Societate pe acţiuni or S.A.) § General partnerships (Societate în nume colectiv or S.N.C.) § Limited partnerships (Societate în comandită or S.C.) § Branches § Representative offices § Permanent establishments (PE) § Co-operatives. The most common business entities used are limited liability companies and joint stock companies. A joint stock company is typically chosen for large companies with widely dispersed ownership: for small and medium sized businesses a limited company is usually selected. Irrespective of its legal form, a company is required to register with the Moldovan State Chamber of Registration, where certain legal formalities have to be followed, including a Decision of the State Chamber of Registration and granting the fiscal code of the new company. A company is a legal entity distinct from its shareholders. 2.1.1
Limited Liability Companies (SRL)
A limited liability company may be established by one or more persons, either natural or legal. The maximum number of shareholders is 50. Currently, the minimum share capital requirement is MDL5,400 and this may be deposited either exclusively in-cash or both in-cash and other assets. At least 40% of the nominal value of the shares should be paid up on registration with the Chamber of State Registration and the remaining 60% within six months of registration. In the case of a limited liability company with one member, all of the company's equity capital should be paid by the date of the registration. As a rule, decisions are taken by the majority of votes at the Members' General Meeting; except decisions provided by the company's Articles of Incorporation for which is necessary the agreement of all members. The company is managed by one or more administrators (directors), with no restrictions on their nationality.
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2.1.2
Joint stock companies (SA)
The share capital of a joint stock company is divided into equal shares and distributed among shareholders according to their contributions. Joint stock companies must register their shares in the State Registry of Securities, held by National Commission of Finance Market. The statutory capital required for the incorporation of a joint stock company cannot be less than MDL 20,000. Contributions to the ownership capital are restricted to cash and cash equivalents, fully paid up securities, other assets (including ownership rights or other rights that have monetary value) and liabilities to creditors reimbursed by assets. The Memorandum of Incorporation may further limit the nature of permissible contributions. The statutory capital of joint stock companies must be paid up before registration, except for non-monetary contributions which must be transferred to the company within one month of the date of registration. The administrative business of the company is conducted at the General Shareholders' Meeting. Meetings must be held at least annually and decisions are binding on the company and its shareholders. Between general meetings the directors are required to act in the shareholders' interests. 2.1.3
Partnerships
There are two types of partnerships: General partnership The major feature of a general partnership is that all partners are jointly and severally liable without any limitation. The liability of partners ceases only when they leave the partnership. A general partnership may be established by a minimum of two, and a maximum of 20 partners. Limited partnership A limited partnership has at least one partner with unlimited liability (see general partnerships above) and at least one other partner who is liable only for the amount of their contribution to the capital of the partnership. 2.1.4
Branches
An alternative structure for doing business in Moldova, commonly used for shortterm investments, is a branch. Under Moldovan law, branches are deemed to be working units with no legal personality, and are required to register with the State Chamber of Registration. The branch is managed by a resident or non-resident appointed representative and proper accounting records of the branch must be maintained in Moldova. 7
Doing business in Moldova 2.1.5
Representative Offices
A foreign corporation may set up a representative office in Moldova. The activities of a representative office are restricted to advertising and promoting the business of their parent company and it is not permitted to conduct business in its own right. 2.1.6
Permanent establishments (PE)
A PE is a fixed place of business through which the business of an enterprise is wholly or partly undertaken. Operations performed by a PE in Moldova are subject to income tax, and the PE must register with the tax authorities within three days of the date on which a tax liability is incurred. 2.1.7
Co-operatives
A co-operative may be formed by five or more individuals working together for their mutual benefit based on the principles of collective ownership and cooperative use of the means of production and distribution. It is often owned and controlled by individuals who either use its services or work for it and it may be classified as a producer's co-operative or an entrepreneurial co-operative. 2.2
Auditing and Accounting Requirements
Moldovan accounting law sets out general accounting and financial reporting principles and regulations. Accounting records must be kept in the Moldovan (Romanian) language (the same language having the same Latin roots) denominated in Moldovan “leu” and reports should be submitted under standard statutory formats. An independent statutory audit is mandatory for public interest entities, such as banks, insurance companies and listed companies as well as legal entities exceed two of the following three criteria for the last two consecutive reporting periods: § Total revenue - MDL120m § Total balance sheet - MDL60m § Average number of personnel for the year - 500. According to the law, Application of IFRS for public interest companies is mandatory from Y2012, except IFRS 1 (mandatory from Jan 1, 2011) In 2008 laws on accounting and audit were enacted in order to converge with the 4th and 7th EU Directives on Accounting and the 8th Directive on Auditing. 2.3
Filing requirements
Companies are required to submit financial statements for each year ended 31 December to the tax authorities by 31 March of the following year. The financial statements must be accompanied by a management report, an audit report (if the company is subject to statutory audit) and a tax return. 8
Doing business in Moldova 3. Finance and Investment 3.1
Exchange Control
Moldovan law imposes a number of restrictions on the use of foreign currency. Payments between, and investments made by, residents must be effected in local currency. Payments involving, and investments made by, non-residents may be effected in any convertible currency. Bank accounts may be opened in currencies other than MDL, but local entities may buy foreign currency only for specific reasons and must not keep it in their bank accounts for longer than seven working days. 3.2
Banking and Sources of Finance
Moldova operates a two-tier banking system consisting of the National Bank of Moldova (NBM) and commercial banks. According to this system the NBM is an autonomous legal entity responsible to Parliament. It acts as central bank and is not involved in commercial banking. It sets national monetary management and exchange policies and is responsible for the authorisation, supervision and regulation of financial institutions. There are 15 commercial banks in Moldova authorised by the NBM. The main sources of finance available to businesses are the Moldova Stock Exchange: for equity finance and bank loans: for debt finance. 3.3
Securities Market
The Moldova Stock Exchange (MSE) is a joint stock company owned by its members. Financial instruments traded on stock exchange are shares (ordinary and preference) of local and foreign entities, bonds and government securities. The MSE categorises securities into either securities listed on the stock exchange or securities allowed for circulation but not listed on the stock exchange. 3.4
Tariffs
3.4.1
Custom duties
The customs procedural tax rate due upon imports and exports of goods is set out by the Customs Code depending on the customs value of the goods. Free trade agreements are in force between the Republic of Moldova and 15 other countries. The customs tariff of the Republic of Moldova is based on the HS Nomenclature of the Republic of Moldova, which is adjusted to the Harmonized system for goods encoding and description (HS 2007), approved by the World Customs Organization. 9
Doing business in Moldova The custom duties can be as follows: ยง ad valorem from 5 to 30 %, calculated as a percentage of the customs value of the commodity; ยง specific, calculated on the basis of the tariff established per commodity unit; ยง combined ยง other (applied in the special cases.) 3.4.2
Excise duty
Excise duty is levied on certain domestic or imported goods, listed in the Moldovan Fiscal Code. These include alcoholic beverages, tobacco products, petrol, cars and luxury products. Certain excise liable goods are subject to mandatory excise stamp marking and labelling. Excise duty rates may be set as: a fixed amount per unit of goods; as a percentage of the customs value of goods; or as a combined rate. A number of excisable goods imported into Moldova are subject to excise duty exemption. These include imports related to humanitarian aid or technical assistance projects, as established by the Government. Excisable goods temporarily imported into, or transiting, the country and those placed into a bonded warehouse, duty free shops or processed under a customs control arrangement are also exempt. 3.5
Foreign Investment Incentives/Restrictions
The current rate of corporate tax is 0% which makes available tax incentives a matter of academic interest only. Should the corporate tax rate increase, the following range of incentives may become relevant: full and partial exemption for reinvestment; free economic zones; tax-free status of Giurgiulesti International Port; and industrial parks. 3.5.1
Restrictions
Few restrictions apply to foreign investors, however, they may not acquire agricultural or forest fund land.
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Doing business in Moldova 4. Employment Regulation and Social Security
4.1
Entry Visa and Work Permit Requirements
In general a visa is required to enter Moldova for foreign citizens except for those from the following states: ยง EU member states ยง USA, Canada, Norway, Japan, Island and Switzerland ยง Member states of the Community of Independent States (CSI) - Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Russia, Tajikistan, Ukraine and Uzbekistan. Foreigners entering Moldova to work must obtain a work permit from the Moldovan labour authorities usually after approval from the National Agency for the Labour Force. Typically, the work permit will be valid for one year. Having obtained a work permit, the foreign citizen should apply for a residence permit. If the foreigner has incorporated a business in Moldova, is a director or shareholder holding an executive position in a company incorporated in Moldova, they are entitled to obtain a work permit without prior approval from the National Agency for the Labour Force. Depending on the level of investment in Moldova by the foreign citizen, the work permit may be valid for two, three or five years. 4.2
Hiring Local Employees
Legislation regarding work relations is provided by the Labour Code. The national minimum wage is established by the Government and is currently MDL1,100 per month or MDL6.51 per hour based on a 169 working hour month. Under the Labour Code, parties may conclude employment contracts for either an indefinite period or, under certain circumstances, a fixed term. 4.3
Trade Unions
Trade unions can be found in industries, representing workers' interests, and in certain public sectors, including education and the police, the membership not being widespread. Unions are able to make agreements on behalf of members according to Law about the Trade Unions. They are currently effective in obtaining minimum wage legislation, as well as other basic rights for employees. They have no right to participate in the management of a company and its commercial activity. Nevertheless, sometimes the employer should take the opinion of the trade union into account when adopting internal regulations (i.e. internal policies) or dismissing trade union members.
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Doing business in Moldova The national trade union centre in Moldova is Confederation of Trade Unions of the Republic of Moldova (CSRM) which is a member of the ICFTU. 4.4
Social Security System
Contribution Health insurance fund Social insurance fund Total
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Employee
Employer
3.5 %
3.5%
6%
23%
9.5 %
26.5%
Doing business in Moldova 5. Taxation 5.1
Corporate Tax
5.1.1
Income tax
On 1 January 2008 the standard corporate tax rate was reduced to 0% in order to attract foreign investment. This zero rate is expected to remain in force until the end of 2012, after which it will rise to 10% As the standard corporate tax rate is 0%, tax exemptions are currently of only academic interest. In general, certain conditions are attached to the availability of exemptions depending on the structure of the entity and its activities. Entities will generally be required to submit an application to the tax authorities if they wish to take advantage of available tax exemptions. 5.1.2
Capital gains
Gains made on capital assets are subject to tax. Capital assets include land, shares and other instruments and options over capital assets. Only 50% of capital gains are taxable, this portion is added to taxable income of the company. If such assets are sold in the frame of ordinary activity of the company the rule of capital gain is not applied. Losses made on capital assets may be set off to the extent of any capital gains. Capital losses disallowed for deductions in the respective taxable year if they exceed capital gain and shall be treated as capital losses incurred in the next year. Net capital losses may be carried forward to offset capital gains in the following five years. 5.1.3
Other taxes
Dividends paid to companies are subject to a 15% withholding tax.The rate may be amended by double tax treaties (see appendix 2). In order to apply the treaty rate, the Moldovan payer must receive a certificate of fiscal residency from the non-resident entity. Resident perception of the royalties and interest include this income in taxable income and apply the standard rate 0 %. For non-residents should be applied 15% WHT. As the corporate tax rate is 0%, withholding tax suffered is not reclaimed. For example, before introducing of 0%, dividends have not been subject of taxation.
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Doing business in Moldova 5.2
Personal Tax
5.2.1
Income tax
Income tax for Moldovan residents is chargeable on: § Income from any professional or entrepreneurial activity § Payments received for personal services, provided in the form of salary, bonuses and benefits in kind from employers, honorarium, commission fees etc § Rent § Interest, royalties and annuities (except social security benefits and benefits received on the basis of interstate agreements) § Investment or financial income from abroad (dividends, interest, royalties and rent received from non-residents). Direct expenses and losses are not deductible for individuals. Non-resident individuals are taxed at the same rates as Moldovan individuals only on their income arising from a Moldovan source. They are not entitled personal, spouse or dependent's exemptions. Personal exemption for resident individuals is of MDL 8100 per year. Spouse exemption - 8100 lei per year if wife does not enjoy personal exemption. Exemptions for dependants - 1800 lei per year. The employee shall submit with the employer a signed withholding exemption claim relating to the number of withholding exemptions to which he is entitled, and the supporting documents; for spouse – copy of the spouse passport, copy of the marriage certificate and written request from wife in original. The employer has to take into account the allowances based on employee's claim. At the end of the fiscal year the employer presents the information to the employee regarding the income paid during the year and the WHT, in the form of a certificate. Based on this certificate, the employee fills the income declaration and claims the reimbursement of the overpaid income tax, from the authorities. Foreign personnel of certain international organizations and those working in diplomatic offices may be exempt from income tax. Individuals are taxed on a progressive basis. For taxable income up to MDL 25, 200 the rate is 7% and for income in excess of this amount the rate is 18%. Payments are made to non-residents net of withholding tax. The rate of withholding tax is 15% for dividends and interest and 10% for other payments. These rates may be amended by double tax treaties (see appendix 2).
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5.2.2
Capital gains
The general rule of capital gains is applied both to individuals and companies. Gains made on capital assets are subject to tax. Capital assets include land, shares and other instruments and options over capital assets. Only 50% of capital gains are taxable, this portion is added to taxable income of the individual. Losses made on capital assets may be set off to the extent of any capital gains. For gains made on the disposal of houses or apartments serving as the taxpayer's main residence, an allowance of MDL10,000 for each year of use as main residence is allowed in arriving at the taxable amount. 5.3
Value Added Tax (VAT)
The VAT return should be filled for each taxable period (month). The return is prepared on an official form, which is submitted to the State Tax Service not later than the last day of the month following the end of the taxable period. The standard VAT rate is 20%. Reduced rates of VAT and VAT exemption apply to certain goods and services as follows: 8%: bread and bakery products, certain medicines, dairy products, sugar, animal produce and horticultural and other crop products 6%: natural and liquid gases 0%: several services and products, including the following: § Export of goods and services § International transportation of passengers and commodities § Domestic supply of electricity, thermal power, and water § Goods and services imported for the official use of diplomatic missions and staff § Goods and services imported and supplied to international organisations for the performance of technical assistance projects in accordance with the relevant international treaties § Goods and services in relation to the operation of the FEZ regime § Services rendered by businesses operating in the light industry sector in Moldova within inward processing regime § Services rendered by organisations in the scientific and innovation sector accredited by the National Council for Accreditation and Attestation § Goods supplied duty-free § Transfer of property on re-organisation of an entity.
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Doing business in Moldova Exempt: the following supplies are exempt from VAT: ยง Residential housing, land and related rent ยง Products for children ยง State property bought as a result of privatisation ยง Medical services, except cosmetic services ยง Financial services. Registration limits for VAT Companies with taxable turnover or imports in excess of the registration limit (MDL600,000 from 1 September 2010) in a period of 12 months must register for VAT. The registration application must be filed by the end of the month following the month in which cumulative turnover or imports exceed the registration limit. If the turnover in a 12 month period exceeds MDL100,000 but falls below the registration limit, then registration with the VAT authorities is optional. Optional registration results in the imposition of certain conditions covering payment for goods and services on the registrant. Import VAT VAT due on imported goods is paid during the customs clearance process. VAT on imported services must be paid no later than the date indicated in the contract confirming that the services were performed. VAT for transit and temporarily imported goods Goods temporarily imported into Moldova for processing or moved through Moldova under a transit regime are not subject to VAT, excise duties, or customs duties. Entities involved in this type of operation must conclude arrangements with the Customs Office. The duration of the transit of the goods through the territory of Moldova is set out by the customs authorities, but shall not exceed eight days. Input VAT deduction Under current VAT legislation, input VAT incurred in relation to the acquisitions of goods and services is deductible, provided it is are incurred by a VAT registered entity in the performance of taxable operations. Input VAT incurred prior to registration may be deducted, provided it relates to the acquisition of fixed assets for agricultural purposes, construction and reconstruction of agricultural goods and similar expenses in order to make investments in this sector more attractive, as the Republic of Moldova is an agricultural country.. 16
Input VAT arising from VAT exempt operations may not be deducted or refunded. VAT suffered on: goods or services that are not used for business purposes; and stolen goods is non-deductible and should be treated as expense. Input tax deduction is restricted when losses incurred exceed legally defined limits. VAT refund VAT refunds are capped at 20% of the value of taxable supplies. Funds are usually received 45 days after submission of a claim.
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Doing business in Moldova
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Appendix Double Taxation Treaties Country Dividends % Interest % Royalties % Albania 5 / 10 5 10 Armenia 5 / 15 10 10 Austria 5 / 15 5 5 Azerbaijan 8 / 15 10 10 Byelorussia 15 10 15 Belgium 15 15 0 Bosnia & Herzegovina 5 / 10 10 10 Bulgaria 5 / 15 10 10 Canada 5 / 15 10 10 China 5 / 10 10 10 Cyprus 5/10 5 5 Croatia 5 / 15 5 10 Czech Republic 5 / 15 5 10 Estonia 10 10 10 FYROM 5 / 10 5 10 Finland 5/15 5 3/7 Germany 15 5 0 Greece 5 / 15 10 8 Hungary 5 / 15 10 0 Israel 5 / 10 5 5 Japan 15 10 0 / 10 Kazakhstan 10 / 15 10 10 Kyrgyzstan 5 / 15 10 10 Latvia 10 10 10 Lithuania 10 10 10 Luxemburg 5/10 5 5 Montenegro 5 / 15 10 10 Netherlands 5 / 15 5 2 Oman 5 5 10 Poland 5 / 15 10 10 Romania 10 10 10 / 15 Russian Federation 10 0 10 Serbia 5 / 15 10 10 Slovakia 5 / 15 10 10 Slovenia 5/ 10 5 5 Switzerland 5 / 15 10 0 Turkey 10 / 15 10 10 Tajikistan 5 / 10 5 10 Ukraine 5 / 15 10 10 Uzbekistan 5 / 15 10 15 United Kingdom 0/5/10 0/5 5 This list includes only the double tax treaties which are currently applicable.
Doing business in Moldova Contact Details For further information about our firm and the services provided you may contact the local partners at one of the following offices:
Moldova Chisinau Office: 33 Ismail Boulvd 2nd Floor, Office 204 Chisinau - Moldova Tel: +373 22 233003 Fax: +373 22 234044 Email: info@bakertillyklitou.md Website: www.bakertillyklitou.md
Cyprus Nicosia Office: 11 Bouboulinas Street 1060 Nicosia P.O. Box 27783 2433 Nicosia - Cyprus Tel: +357 22458500 Fax: +357 22751648 Email: info@bakertillyklitou.com Website: www.bakertillyklitou.com
Limassol Office: st nd Clerimos Building, 1 & 2 Floors 163 Leontiou Street 3022 Limassol P.O. Box 57328 3314 Limassol - Cyprus Tel: +357 25591515 Fax: +357 25591545 Email: limassol@bakertillyklitou.com
Larnaca Office: Lumiel Building, Office 301 61-63 Lordou Vironos Street 6023 Larnaca P.O. Box 40923 6308 Larnaca - Cyprus Tel: +357 24663299 Fax: +357 24662910 Email: larnaca@bakertillyklitou.com
Romania
Bulgaria
Bucharest Office: 52 Splai Independentei 5th District Bucharest - Romania Tel: +40 21 3156100 Fax: +40 21 3156102 Email: info@bakertillyklitou.ro Website: www.bakertillyklitou.ro
Sofia Office: 104 Akad. Ivan E. Geshov Boulvd th Entrance A, 7 Floor Sofia 1612 - Bulgaria Tel: +359 2 9580980 Fax: +359 2 8592139 Email: info@bakertillyklitou.bg Website: www.bakertillyklitou.bg
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This publication has been prepared for general guidance on matters of interest only, and does not constitute professional advice. Do not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication. Τo the extent permitted by law, Baker Tilly Klitou and Partners Ltd, its members, employees and agents do not accept or assume any liability, responsibility or duty of care for any consequences of anyone acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.
Designed by: Monica Lamprou, Demonix Design Services Printed by: Chr. Nicolaou & Sons Ltd ©2011 Baker Tilly Klitou and Partners Ltd. All rights reserved. In this document, “Baker Tilly Klitou” refers to Baker Tilly Klitou and Partners Ltd, registered in Cyprus, which is an independent member of Baker Tilly International, a worldwide network of accounting firms. “Baker Tilly” is a trademark of the UK firm, Baker Tilly UK Group LLP, used under licence.