Large Taxpayers and Denomination

LARGE TAXPAYERS

Order 516/2005 regarding the administration and monitoring procedure for the application of Order 343/2005 on the administration of large taxpayers
(Official Gazette 381/5 May 2005)

The Order provides details on the following main aspects:

1. The administration and monitoring procedure for large taxpayers acting under the General Directorate of Administration of Large Taxpayers, which includes:
fiscal registration, VAT reimbursement, payment of tax liabilities, fiscal audit, forced execution, etc;
documentation requests and release of such documentation, booking budgetary receivables, on-going payment facilities and offsetting of tax liabilities;
aspects regarding litigation;
monitoring procedure.

2. Transitional measures regarding the administration and monitoring procedure of large taxpayers during the period
1 April 2005 - 1 October 2005, when large taxpayers are transferred to the General Directorate of Administration of Large Taxpayers.

Clarifications in respect of the above mentioned provisions of
Order 516/2005 shall follow shortly.

DENOMINATION OF LOCAL CURRENCY

Law 101/2005 amending Emergency Ordinance 5/2005 amending article 6, paragraph (1) of Law 348/2004 regarding the denomination of local currency
(Official Gazette 378/5 May 2005)

The Law provides that shareholders should decide by 30 June 2005 on the re-denomination of the nominal value of shares of economic agents and the related increase or decrease of the share capital. The number of shares and participation quotas should not be changed.

Failing to comply with the above provision, the denomination shall be performed by the Trade Registry starting 1 July 2005.

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