ÐÏࡱá>þÿ þÿÿÿ~çÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿì¥Áq`ø¿üébjbjqPqP4ì::ÁQûÿÿÿÿÿÿ€ŽŽŽšt6¶!¶!¶!¶!d"Œ?@ƒæâ#^@$@$@$Œ$,,,Y‚[‚[‚[‚[‚[‚[‚$&…hŽ‡H‚QŽin +,inin‚@$Œ$}Ђ4;s;s;sin@$LŽŒ$Y‚;sinY‚;s;sâ)|€&hŽy}Œ$Ö# @{Պdȶ!}pÍ|–¥}Žƒ<@ƒc}ևr¬Ö‡,y}ևŽy},,ÆáBD;s%S )`@,,,‚‚+s,,,@ƒinininin???dqr°Dq???r°¢Äf0–ÿÿÿÿ  COUNTRY INFORMATION 1.1 Azerbaijan: State, Geography and History in brief ÀÛ‰Ü Establishment - 28 May 1918 ÀÛ‰Ü Independence - 18 October 1991 (II republic) The country is well placed on the south eastern border of Europe on the shores of the hydrocarbon resources rich Caspian Sea. It has direct access to the extensive and speedily emerging markets of the Central Asian states, Caucasus as well as Middle East. Azerbaijan declared the policy of openness for international business. It has an excellent record of co-operation with private international businesses, in particular, with oil & gas corporations. The country by now is well integrated in the international cooperation system through participation in various international organisations such as Council of Europe, OSCE, Commonwealth of Independent States, GUAM (Georgia, Ukraine, Azerbaijan and Moldova alliance), Black Sea Economic Cooperation, Organisation of Islamic Conference as well as a system of multilateral and bilateral treaties on security and economic affairs. Azerbaijan has stakes and is actively engaged with the European Bank for Reconstruction and Development, Asian Development Bank, World Bank, International Monetary Fund, Islamic Development Bank, Black Sea Trade & Development Bank etc. all of which have running projects portfolios in the country. Political system. Azerbaijan has a republican form of government. The three branches of power include - Executive headed by the President (5 year term); - Legislative: unicameral National Assembly (Milli Majlis) with 125 deputies (5 year term); - Judiciary headed by the Supreme Court of the Republic. The system of "checks and balances" includes the Constitutional Court and the Constitution with a number of guaranteed rights and freedoms for the people of Azerbaijan. The country lives a very dynamic political life. A number of parties and politicians compete for Presidency, Parliament constituencies and municipalities. A well developed electronic and paper media community exists. The foreign policy of Azerbaijan is complementary and is directed at the establishment of peaceful and mutually beneficial cooperation with all international partners. One of the major foreign priorities of the republic is integration into common European space. Relations with the former USSR (now CIS) countries are also important, first of all due to the vitality of the economic cooperation with them and need for traditional trade relations. Administrative division Autonomous Republic Districts Towns Districts of cities Settlements Rural settlements Capital city1 (Nakhichevan AR) 65 70 13 129 4 Baku (est. 2.8 million) Demography and people. The population is evenly distributed between urban and rural areas, with 51.5% residing in towns and cities. Some 35% of the estimated three million workforce are engaged in agriculture and related activities, with 26% working in industry and construction. Population:20052006 Population, thsd. person 8,436 8,532 Urban Rural  51.5% 48.5% 51.5% 48.5% Population density, per km2  97 98 Azerbaijan is a positive model of peaceful co-existence of religious communities. Predominantly Muslim-populated, the country traditionally served as a safe haven for various ethnic groups, religions, and cultural traditions. Large communities of Christians and Jews traditionally live here. Secularism and non involvement of the State in religious affairs is a strong local tradition supported by law. The country is the largest and the fastest growing economy in the South Caucasus. Azerbaijan provides the best transport links, connecting South Eastern Europe with the vast regions of growing importance such as Central Asia and the Caspian Sea. An increasing number of professional shipping companies are engaged in the transportation of goods via these transport corridors during the past decade. Climate: Azerbaijan's climate varies from an arid subtropical and humid subtropical to a mountainous tundra climate. Average annual precipitation is between 200 and 300 mm (8 to 12 inches) in the lowlands and 300 to 900 mm (12 to 35.5 inches) in the highlands, although precipitation is distributed unevenly throughout the year. On the southern slopes of the Greater Caucasus average annual precipitation ranges between 1,000 and 1,300 mm (39 to 51 inches). Average temperature ranges in the lowlands between 25 and 27 degrees C (77 and 80 F) in July and 0 to 3 degrees C (32 to 37 degrees F) in January and between minus 3 to minus 6 degrees C (27 to 21 degrees F) in January in the highlands. There are extensive opportunities for tourism development due to the unique terrain and geography. Azerbaijan has a number of major natural attractions such as warm sea, mountainous resorts, mineral springs and medicinal mud recreation centers. The historical background of the country on the crossroads where civilisations met for many centuries makes it even more attractive as a place to visit and do business. History One of the countries of the South Caucasus, Azerbaijan was re-introduced on the political map of the world after the collapse of the Soviet block. Independence was regained only in 1991 at the price of thousands of lives of Azerbaijanis lost in the Nagorno-Karabakh conflict and the Soviet attack against Azerbaijani national movement in Baku in January 1990. Yet despite a short period of independence in the new era, Azerbaijan has an enduring and rich history of statehood and culture. Today's Republic of Azerbaijan is the successor of the Azerbaijan Democratic Republic (ADR) declared on 28th May 1918 by the first Azerbaijani parliament - National Assembly (Milli Majlis). Though short lived (was occupied by Bolshevik Russia in 1920), ADR was the very first democratic government in the whole Islamic world. Such measures as electoral rights for women, representation of ethnic minorities in Parliament, and other progressive initiatives were put in place. These initiatives were ahead of their time, not only in the Middle East and Eurasia, but in the old democracies of Europe aswell.. Azerbaijan is one of the world’s oldest cradles of civilisation. Human cultural activities in Azerbaijan were discovered in Gobustan (a location not far from the capital city Baku) providing indisputable proof that the Azerbaijani culture goes back to approximately the 12th millennium B.C. The location of Azerbaijan as the most convenient route for migration from Asia to Europe, and from Eurasia to Middle East, from ancient times until recently forms the country's ethnic mix of today. It is a mix of Turkic, Caucasian, European and other cultural influences. According to conventional historical tradition, the word "Azerbaijan" descends from the personal name or official title of the local ruler Atropat, IV century B.C., a contemporary of Alexander the Great. Other historians refer to Turkic and Sanskrit languages to trace down the origins of the name of the country. Anyhow, the country bore the name "Atropatan" and later "Aderbagan" for many centuries to come. The name was used to describe territories that include the present Republic of Azerbaijan and the province of the same name within the Islamic Republic of Iran. The first recorded states on the territory that is now known as Azerbaijan date back to 9th Century B.C. A few states such as Manna, Maday and Albania with their own unique traditions succeeded one another in the period to follow. In the 4th century A.C. Christianity spread to the northern part of the country while the South remained largely Zoroastrian. In the 8th Century the Arabic conquest of Azerbaijan commenced. The Khalifat had long competed with the Turkic Khazar Kaganat (Judaism was the official religious tradition there) for domination over the north. Eventually Arabs prevailed and Azerbaijan remained under Islamic rule for circa three hundred years with the short period of twenty years when a large scale Hurammi freedom movement led by popular leader Babek overthrew the Arabs in Azerbaijan and parts of Iran. From the period of Arabian conquest onwards, Azerbaijan became an integral part of the Islamic cultural tradition. Nizami, Nasimi, Tusi and other Azerbaijani poets and scholars now regarded the patriarchs of this civilisation, contributed extensively to the Islamic Renaissance of the 9th to the 13th century. The Middle Ages was a period of several large regional empires, predominantly Turkic. Some of the mightiest dynasties were of Azerbaijani origin, including the Karakoyunlu, Agkoyunlu and Safavids. Despite the dominance of large states on the regional political arena, northern Azerbaijan (Shirvan) managed to sustain independent or at least semi-independent status throughout the whole period, including the hectic times of the Mongolian invasion and the Teymurids. By the XVIII century, the country consisted of a few independent Khanliqs (principalities). The new regional power, the Russian Empire, eventually conquered Northern Azerbaijan and after the 1828 Turkmanchay Peace Treaty with Persia the country was divided and southern Azerbaijan was left under Persian sovereignty. The Turkmanchay division is the current state of affairs between Azerbaijan and Iran. The late XIX -early XX centuries denotes the period of cultural and economic regeneration of Azerbaijan. In the 1860’s the industrial exploitation of the Azerbaijani oil fields commenced, which witnessed the emergence of international businesses including Nobel brothers, Rothschild, Siemens and others. Quite a few of them made their start in Baku from a small engineering company to a giant transnational corporation of today. The economic rise led to a cultural revival. The traditional Islamic & oriental cultural stratum was enriched by the ever growing European and Russian influence. The XIX and XX centuries are the period of major advancement in Azerbaijani social life. The first opera in the Muslim world, newspapers and national drama theatre, discussion on the adoption of a "modern" Latin alphabet, the first university, a school for Muslim girls and such like. were the cornerstones of this cultural and social development. After the short lived Azerbaijani Democratic Republic (mentioned above) the 11th Soviet Red Army occupied Azerbaijan in late April 1920. The occupation did not occur without resistance. The remnants of the ADR National Army units, together with the local militia, retreated to the second largest city of Azerbaijan, Ganja, where a major clash with joint Bolshevik / Armenian Dashnak forces took place. A period of mass repression of the Azerbaijani intelligentsia, elite and national leaders from 1920 to 1930 followed the defeat of the 1st independent Azerbaijani Democratic Republic. Thus until 1990, the Azerbaijani Soviet Socialist Republic (AzSSR) was an integral part of the USSR as one of the "founding" republics of the Union and a major industrial and cultural centre of the Empire. The collapse of the Soviet bloc brought independence along with a serious economic and political crisis. The consequences of the disintegration of the Soviet Union were complicated by the ongoing aggression by the Republic of Armenia. Armenian nationalists backed by the late Soviet administration launched a separatist movement in Western Azerbaijan (Nagorno-Karabakh). A long lasting and bloody military conflict started in 1988. The conflict was further complicated by civil confrontation within Azerbaijan. A few political groups were competing for power in the country. A succession of weak, largely incapable governments ended in 1993 when veteran politician and popular leader Heydar Aliyev was elected President. A decade of rehabilitation and growth started. Under the leadership of Heydar Aliyev, the government re-established peace and stability in the country, reinforced state infrastructure and civil rule throughout the country, and launched a proactive foreign policy campaign aimed at the political integration of Azerbaijan internationally. In 1994 major oil & gas contracts with the consortia of oil giants such as BP, Amoco, Total and others were concluded. From circa 1997 onwards, major political reforms aimed at bringing Azerbaijan to international standards in the areas of the rule of law, democracy, human rights and freedoms started as well. The era of Heydar Aliyev ended in December 2003 with the decease of the national leader. However, the policy decisions taken by him, including integration into European common space, democratisation, the creation of a liberal market economy and socially oriented policies remain the undisputed development vectors for the current government. 1.2 Snapshot of the Azerbaijani Economy  Azerbaijan is the fastest growing economy worldwide Following sharp decline in early 90’s of the last century Azerbaijan achieved stable and rapid growth for 10 consecutive years starting from 1995 (see chart). Now the country is one of the most rapidly recovering economies in the world. The GDP annual surplus in 2005 was 26.4%. A record growth in 2006 was at 34.5% (highest growth indicator globally for the year). It is highly probable that the country will be the global leader in economic growth in the year 2007 too. Nominal wages grew by 19% in the year 2006. Almost all other major economic indicators point out a similar growth pattern.  Baku is the center of Azerbaijani economy and the home for most of Azerbaijan's 3,500 industrial enterprises, petroleum extraction and refining, metallurgy, aluminum processing, petrochemicals, chemical production are located in the city and its satellites. Consumer goods production consists of food processing, textiles, and wine production. Baku is also strong in services including banks, hotels & restaurants and logistics. Sumgayit (3rd largest city and Baku’s satellite) production centers on chemical and petrochemical production, textiles, and aluminum smelting; Ganja is the home to an aluminum refinery and also specialises in textiles, machine building and metallurgy. The effect of the early 1990's economic decline is evident in agriculture - a critically important sector in Azerbaijan, employing about 35% of the labour force. Cotton is Azerbaijan's leading crop, together with grape (for wine production), fruits, vegetables, and tobacco. The country is the regional leader not only in the overall economic growth, but in direct foreign investment attraction as well. The 2005 UNCTAD Trade & Investment publication quotes Azerbaijan as the No 1 globally as per the FDI Inflow Performance Index. Azerbaijan is also in top 20 in equity capital attraction in absolute terms. This is mainly due to the favourable environment created in the lead sector of the economy i.e. the oil & gas industry. It opened for international business in 1994. Since then a number of international contracts for the oil and gas fields were signed with the principal oil businesses such as BP, Statoil, Total, Exxon, Itochu, Lukoil and others. The "jewel in the crown" of the economy is the Baku-Tbilisi-Ceyhan oil pipeline connecting the Caspian offshore fields with the Mediterranean Turkish port. It is taking crude oil from the ACG (Azeri, Chirag, Guneshli) project led by British Petroleum. The pipeline is ready and being filled with crude oil to be sold at the Turkish port of Jeyhan. The transport capacity of the pipe is over 1 million barrel a day. The Azerbaijani government is committed to constructing a network of oil & gas pipelines throughout the region to promote international cooperation and trade. The oil & gas projects are to bring substantial cash inflow into the country from the year 2006 onwards. All in all, I’d like to say, I think Azerbaijan is a happy country because today it has really great opportunities for development. Azerbaijan is situated in the very important - in terms of efficient use of its oil and gas fields - geographic area. However, these factors are not enough to achieve success in all spheres of the country’s life. The important thing, at the same time, is the unity of the people led by wise leadership. With belief in the great leader and supporting his steps, the people of Azerbaijan has managed to build a consolidated society and developing economy. President of The Republic of Korea HE Mr Roh Moo-Hyun “Latvia, as a European Union member, attaches great importance to cooperation with Azerbaijan because the shortage of energy resources impedes rapid development of Latvia’s economy. Azerbaijan can play a key role in providing energy security in Europe. We reaffirm our support for implementation of energy projects” Ex President of Latvia HE Mrs Vaira Vike-Freiberga Notwithstanding this apparently bright prospective, the government of the country took a number of steps aimed at the reduction of the country's dependency on the oil revenues and evasion of the so-called "Dutch disease". The State Oil Fund, a transparent state agency under public scrutiny is accumulating the oil revenues from the international contracts thus preventing possible Azerbaijani Manat deflation which would potentially be damaging for local manufacturers and exporters as well as other possible negative economic trends. The regional development and non-oil economy development strategies aimed at the diversification of the economy are also prioritised. The main source countries of FDI for Azerbaijan are currently the United States, UK and Turkey. The cumulative FDI in the year 2006 amounted for circa 4,500 mln USD. The country received even large FDI stock in 2005. Foreign direct investments outside the oil & gas sector currently are mainly in construction, services, transport, telecom and manufacturing. Azerbaijan is consistently expanding its international trade capacities as well (see chart). This was achieved mainly due to two factors: export of ever increasing amounts of Azerbaijani crude and oil products and the expanding internal market which resulted in rise in import of manufacturing equipment and consumer goods in the country. At the moment EU is the main export destination for Azerbaijan, with Russia and CIS countries remaining the main source of import. The country's domestic product is largely contributed by private business. Its share constituted 81% of GDP in 2006. This is the result of several stages of privatisation of the formerly state owned property and development of new privately owned industries. However, a number of key segments of the economy are still state controlled. Many of them are now "open for privatisation" by the Presidential Decrees which creates additional investment opportunities. The government uses several methods of privatisation with the most popular being the acquisition by a "strategic investor" or via "investment tender". Azerbaijan has one of the lowest external debt / GDP ratios in the region and a sound financial system. The National Bank has been pursuing the "stable manat" (local currency) policy consistently for last 10 years with the annual inflation not exceeding one digit figure. The fiscal system is further characterised by a very low deficit of state budget not exceeding 1% of GDP in 2006. For more information on current trends in the Azerbaijani economy please refer to the website of the Ministry of Economic Development at  HYPERLINK "http://www.economy.gov.az/"www.economy.gov.az and the AZPROMO resource  HYPERLINK "http://www.azpromo.org/"www.azpromo.org 2. BUSINESS CLIMATE 2.1 Business conduct framework and FDI regime The Republic of Azerbaijan is the leading FDI destination in the region. In the last decade the total FDI stock in Azerbaijan exceeded 25 billion USD. Azerbaijan has achieved gradual improvement in the overall legal framework for the investment activities in the country for last several years with a number of practical regulations liberalising conduct of business and reducing red tape. It carried out a revolutionary legal reform several years ago with adoption of new Tax code, Civil and Civil Procedure Codes, Land Code, Labour Code, Customs Code, Foreign Exchange Law as well as Law on International Arbitration made the system significantly more transparent and friendly for local and foreign businesses. The Government managed to open up economy for the international business and introduce investments friendly laws and regulations. Generally, the Azerbaijani legislation establishes a very open national regime for FDI (which means that FDI are welcome in any sectors where the local investor is allowed to invest). Such a regime also applies to the privatisation of the state owned property. There are no special permissions or specific registration requirements for foreign investment. The licensing was substantially simplified with foreign investors' interests in mind. As of now a foreign investor in Azerbaijan enjoys a non-discrimination regime. The major economic policies are FDI element inclusive, for example, the Government lifted limitations for foreign participation in the banking sector. Privatisation process is open for foreign investors as well. Any FDI restrictions are strictly limited to national security matters. The major factors that turned Azerbaijan into a leading FDI destination and provide sound justification for doing business here are: Abundant resources Azerbaijan is rich in mineral and climatic resources. The Caspian Sea oil & gas reserves are one of the major deposits globally. Azerbaijani proper has also substantial explored deposits of precious metals (including gold and silver), ferrous and non-ferrous metals, various construction raw materials deposits etc. One of the major resources the country has is its natural diversity. Despite relatively small size, the Azerbaijani territory due to complex terrain and geography has a number of distinct climatic zones ranging from humid subtropical climate to semi-arctic. This creates unique opportunities in agriculture and tourism. Favourable location Azerbaijan is located on the very south-eastern border of the European continent and serves as the natural bridge between Europe and Central Asia as well as it is the most convenient route from the north-east of Europe to the Middle East. The country is the logistics hub for the Caspian region. Excellent infrastructure of Baku (including largest regional sea and air terminal) is the best choice for any business entering the markets of the Caspian Sea region. Competitive cost of production Azerbaijan has long lasting industrial and trade traditions. The industrial revolution has taken place here in the late XIX century due to expanding and advanced oil production and processing sector. Further industrial development led to growing R&D base. A large R&D centre, Academy of Sciences with circa 7,000 research studies, exists in Azerbaijan in parallel with a number of universities and colleges. The country is rich in engineering skills yet the wages are still very competitive. Azerbaijani government’s policies in respect of utilities tariffs are manufacturer friendly. FDI friendly laws Azerbaijani legislation is evolving in accordance with the strategic goal of the Government which implements the "welcoming policy" for foreign businesses. Foreign investments are protected by certain guarantees provided by the government and legislation, including: I. Guarantee against deterioration of legislation - the general rule is that legislation in force at time of making an investment continues to apply for subsequent 10 years; II. Guarantee against nationalisation and requisition - foreign investments are not subject to nationalisation (except in cases of harm to population and state) and requisition (except in cases of natural disaster, epidemics, accidents, emergencies). Foreign investors are guaranteed immediate, adequate and effective compensation in case of nationalisation and requisition. Compensation should be commensurate to the amount of the investment at the time of nationalisation or requisition, payable in foreign currency and may be freely transferred abroad; III. Guarantee of compensation of damages - foreign investors are entitled to compensation of damages, including lost profits, incurred as a result of unlawful acts of state authorities; IV. Guarantee of repatriation of profits - foreign investors are entitled to repatriate profits derived from foreign investments subject to payment of applicable taxes and duties. The new Foreign Investment Bill currently under discussion in the Parliament is expected to reinforce the above guarantees as well as to introduce new legal instruments to protect foreign businesses. The Government will continue the policy of support to industries with priority given for privately-held enterprises including foreign-owned enterprises. There are no general trade barriers or prohibitions for import of any types of goods in Azerbaijan and a minimum non trade barriers level for international trade exists. The country is not a member of WTO yet, though the Government started the accession process. Exported goods are not subject to any customs duties and restrictions. Regulations exist for the export of strategic commodities such as electricity, petrol, cotton and non-ferrous metals. A foreign investor is particularly welcome to enter the Azerbaijani market with a so called green field project. This is particularly attractive bearing in mind the regional markets and the geographic location of the country as the transportation hub for the Caspian region and Central Asia. The Government has introduced a number of initiatives recently aimed at the improvement of dialogue with the business community. Apart from the standard methods of communication with the government via its ministries and agencies, foreign investors can effectively deliver messages via such structures as the Azerbaijan Export & Investment Promotion Foundation (AZPROMO) aimed at the promotion of export & investment mainly in the non-oil sector (for more information please refer to  HYPERLINK "http://www.azpromo.org/"www.azpromo.org). One more governmental initiative is the Azerbaijani Investment Company JSC, a state-owned joint-stock company, established by the Presidential Decree of 30th March, 2006 with charter capital of AZN 90,000,000. The main objective of the AIC is to implement fixed-term equity investments in the private sector and to assist FDI in the non oil sector in Azerbaijan. Steps aimed at simplifying the process of business start-ups were undertaken recently. Azerbaijani legislation is permissive in respect of expatriate staff employment. Other substantial comparative advantages of doing business in Azerbaijan include such important factors as macroeconomic and political stability in addition to Baku’s reputation as being the only metropolitan capital on the Caspian Sea. Pursuant to the 1992 Foreign Investment Law in force, foreign investment, may take any of the following forms: • Participation in enterprises and organisations established with legal entities and citizens of the Republic of Azerbaijan on a shared basis; • Establishment of enterprises wholly-owned by foreign investors; • Purchase of enterprises, property, buildings, structures, shares in enterprises, other shares, bonds, securities, and certain other property, which, under the law of the Republic of Azerbaijan, may be owned by foreign investors; • Acquisition of rights to use land and other natural resources, and also other proprietary rights; and • Conclusion of agreements with legal entities and citizens of the Republic of Azerbaijan providing for other forms of foreign investments. Enterprises with foreign investment include joint ventures, enterprises wholly-owned by foreign investors, and representations (offices and branches) of foreign legal entities. Bilateral Investment Treaties. Azerbaijan has 34 bilateral treaties on the mutual protection of investments. Several more treaties are currently being negotiated. Azerbaijan is also a party to a number of multilateral treaties concerning foreign investment. Please see ANNEX 1 for the list of bilateral treaties on the encouragement and protection of investments. 2.2 Company Incorporation A company may start operations in Azerbaijan from the moment of state registration. Currently, registration authorities are carried out by the Ministry of Justice of the Republic of Azerbaijan. Without a formal registration with the relevant authorities, such as the Ministry of Justice, the Tax Authorities, the State Statistics Committee and others, a company may not maintain a bank account, clear goods through customs, etc. Some measures aimed at establishing the system of “single window” (one-stop-shop) are currently under way. On April 30, 2007, the President charged the Cabinet of Ministers, together with the aforementioned state agencies, with the duty to prepare draft for setting a system whereby a single state agency will be responsible for registering business entities. There are numerous forms by which a legal entity/company can be incorporated in Azerbaijan. There are no specific rules for the incorporation of companies by foreigners apart from the standard legal and translation requirements. In general, foreign businesses tend to open representative offices/branches and register as a local company. The Law on State Registration of Legal Entities and State Register sets out the requirements of the legal registration process. One may start his own business in Azerbaijan with 100% foreign investment or form a joint venture with a local partner. There are no specific requirements for the size of share or legal limitations for the foreign element in a company and investment. There are no additional general business licenses or permissions apart from general business registration for the start up. Certain but limited number of documents is required for submission to the Ministry of Justice for registration purposes (for foreign participants / shareholders, these documents include, inter alia, extracts from the companies' register, documents of statute and corporate governance). Azerbaijan has recently acceded to the Hague Convention Abolishing the Requirement of Legalisation for Foreign Public Documents and legalisation requirement ceased to exist in respect of documents produced and executed abroad in the convention member countries. The new Law On State Registration of Legal Entities and State Register determined the timeframe of the entire process. The basic term for state registration is set at 5 working days. In case of failure of the Ministry of Justice to issue a certificate of registration within the statutorily prescribed term or to issue a letter refusing registration, a company shall be considered registered, in which case the Ministry of Justice is obliged to issue a registration certificate within the following 10 business days. The state register of legal entities includes general information on a legal entity and founders of a legal entity. Any interested party is entitled to request extract from a register and copies of documents submitted for registration. The state duty for the registration of the banks, stock exchanges, insurance companies, representations and branches of foreign legal entities is 220 AZN, for the registration of legal entities involved in agricultural business - 2.2 AZN (2 AZN 20 Kopeck), and that in respect of all other legal entities - 11 AZN. Azerbaijani law generally recognises the following types of commercial legal entities (commercial legal entities are defined as those operating for profit): I General partnership II Limited partnership III Limited liability company ("LLC") IV Joint-stock company (open type and close type) LLCs and joint stock companies are most popular choices of legal entities. Please see ANNEX 2 for a brief comparative analysis of these two types of legal entities. Joint Stock Companies. A JSC is a legal entity with charter capital divided into a certain number of shares. JSC shareholders are liable for the obligations of the JSC only to the extent of their shares' par value. A single individual or legal entity may be the founder or the shareholder of a JSC. The charter capital of a JSC is divided into a fixed number of shares of a stated par value. A JSC has a Board of Directors comprising at least three individuals who are either shareholders or independent directors. The Supervisory Board is mandatory for JSCs with more than 50 shareholders. General Meeting of Shareholders (GMS) is the supreme body in JSC. General Partnership ("GP"). A general partnership is a legal entity comprised of at least two individuals and/or legal entities. An individual may participate in the creation of a GP only it such individual is registered as an entrepreneur. Individuals and/or legal entities may only participate in one GP. General partners are jointly subject to the partnership's liabilities. To the extent that the partnership does not have sufficient assets to cover its obligations, the partners are then personally liable for such obligations. Limited Partnership. A limited partnership ("LP") has one or more general partners and one or more limited partners, General partners are personally liable for the partnership's obligations. Limited partners' liability is limited to the amount of their contributions. A person may only participate as a general partner in one LP. Similarly, a partner of a GP may not participate as a general partner in a LP. Limited Liability Company. A limited liability company ("LLC") is an entity established by one or more individuals and/or legal entities contributing their participatory interests to the charter capital. A LLC having only one participant may not be a sole participant of another LLC or any other company. The participants of a LLC are normally liable only to the extent of their contributions. A LLC is not normally responsible for the obligations of its participants to third parties. Additional Liability Company. An additional liability company (“ALC”) is an entity established by one or more individuals and/or legal entities contributing their shares to the charter capital. The legal structure of an ALC is similar to a LLC, except that the participants in an ALC may assume liability for the company in excess of their contributions, as regulated by the charter. Cooperative (Kooperativ, a concept close to a Building Society). A Cooperative is a voluntary union of at least five individuals and/or legal entities, for the purpose of satisfying needs of its members through the consolidation of their financial or in kind resources. Depending on the purpose of their activity, cooperatives may be of different kinds, such as consumer or housing cooperatives. Non-Commercial Organisations. An Azerbaijani non-commercial or not-for-profit organisation is an entity created to engage in various social and economic activities, not related to the generation of profit and distribution of such profit to its equity holders. Since an Azerbaijani non-commercial organisation is treated as a legal entity, it may own property, enter into contracts, acquire ownership and intellectual property rights, incur obligations in its own name, maintain an independent balance sheet, maintain settlement and other bank accounts, and act as a claimant and defendant in courts and arbitration. Azerbaijani non-commercial organisations are presumed to engage in non-commercial activities. Under the Civil Code, non-commercial organisations may be created in any of the following forms: public association, foundation and union of legal entities. Other forms permitted include federations, schools, universities and clubs. Public Associations. A public association is a voluntary, not-for-profit organisation created by its members to engage in activities in their mutual interest. Azerbaijani law authorises both individual and corporate membership in public associations. A member in a public organisation loses any ownership or other rights to property transferred to the public association, including their membership contributions. Members of the public association are not responsible for its obligations and, likewise, the public association is not responsible for the obligations of its members. In the event of the liquidation of a public association, any property remaining after liquidation is allocated for the purposes specified in the charter. If this is not possible, such property is remitted to the state budget. Foundations. A foundation is a not-for-profit organisation created by individuals and/or legal entities to engage in public, charitable, educational and other kinds of social activities. Since an Azerbaijani foundation is not subject to a minimum requirement for the number of founders, it may be created by one individual or legal entity. Moreover, they are not based on membership, i.e. the founders do not become its members. A foundation’s founders are not responsible for its obligations. Likewise, a foundation is not responsible for the obligations of its founders. Unions of Legal Entities. A union of legal entities is created by business or non-commercial entities to provide for the cooperation and coordination of their entrepreneurial or non-commercial activities, representation, and the protection of their common interests. A union is not responsible for the obligations of its corporate members. Corporate members, however, are responsible for the unions’ obligations to the extent provided under the union’s charter. Subsidiaries. A legal entity, whether or not established in Azerbaijan, may form a subsidiary in Azerbaijan in one of the three legal forms available for commercial purposes, i.e. a JSC, a LLC, or an ALC. A subsidiary is a separate and distinct legal entity; the parent enterprise may contribute property to its subsidiary but, typically, is not liable for the obligations of the subsidiary. A parent company, however, may be held liable for the obligations of its subsidiary in bankruptcy if such bankruptcy was caused through the fault of the parent company in connection with the execution of its instructions. Additionally, a parent company and its subsidiary are jointly liable for obligations incurred by the latter as a direct result of the implementation of instructions of the former, even if the former is not in bankruptcy. 2.3 Acquisition & ownership of land and property A revolutionary land reform was implemented in Azerbaijan in the 1990’s. The country was one of the first among the former USSR republics to introduce private ownership of land as well as free trade and transfer of titles to land and distributed the large portion of land to the population. A lot of formerly state owned real estate was also either sold or distributed to population and businesses. Azerbaijani law provides for the following basic rights in land: (I) ownership; (II) lease; and (III) use. The real estate in the Azerbaijani legislation is best matching the term "immovable property". Further to recent adoption of the Law On State Register of Immovable Property, creation of rights in property (ownership and other rights), transfers and termination of rights are subject to state registration with the register of immovable property. The Law recognises registration of the rights in immovable property carried out by various state authorities prior to the date of the law and provides for data transfer to the Register from various state authorities engaged in registration of rights in immovable property in the past. The Register in accordance to the Law will be available to a limited list of persons entitled to receive information on data maintained in the Register. As a general rule, registration of property rights over immovable property shall be accomplished within 20 days. The Law contains special provisions in respect of registration of certain rights in immovable property: ÀÛ‰Ü Ownership and other property rights regarding unfinished construction of immovable property can be registered in advance. ÀÛ‰Ü Property right regarding individual apartments in unfinished buildings or non-residential properties and mortgages thereon can also be registered in advance. ÀÛ‰Ü In the event immovable property is leased or given for use for a period exceeding 11 months, such right shall be registered by either party of a lease or use agreement. The concept of ownership in Azerbaijan includes rights to exercise possession, right to use/benefit and the right to dispose of the land (transfer ownership or other rights in land to third parties). It should be noted that ownership right in land is a privilege of (I) the Republic of Azerbaijan, (II) municipalities, and (III) Azerbaijani individuals and legal entities. Foreigners (individuals and legal entities) and stateless individuals cannot own land in Azerbaijan. Foreigners who acquired ownership rights in land through general legal procedures such as enforcement of security interest, grant or succession shall dispose of their ownership within one year; otherwise the land shall be acquired by the state or relevant municipality. International organisations, foreign legal entities and foreign citizens and states may lease land in Azerbaijan, although they may not own land and may not be granted a purchase option on a lease. There is no legal limitation for ownership of buildings, constructions etc. by foreign individuals and legal subjects. Certain categories of land plots are in the exclusive ownership of the state or municipalities, and may only be leased by or granted for the use of private persons. Individuals may own land within the limits established by law. In addition to ownership, the Land Code recognises perpetual and temporary land use rights, lease rights and easements. Temporary land use right is granted for up to 99 years and may be extended by the parties. A perpetual land use right is granted for an indefinite period. The holder of such rights is liable only for the land tax for the land use. Perpetual and temporary land use rights are granted by the state and municipalities only in exceptional circumstances to a limited number of persons listed in the Land Code. Landowners may grant perpetual or temporary land use rights under an agreement with the land user. Land use terms are defined by an agreement between the landowner and the land user. Land lease is the use of land for a definite period, for a charge. Leases are concluded for a period agreed by the parties. Rent payments for the lease of privately held land parcels are freely negotiable. Rent payments for state or municipally owned land parcels are determined according to market conditions, but cannot be less than specified statutory rents. With regard to agricultural land, discounts from statutory rents are available depending on market conditions in the agricultural sector. 2.4 Obtaining licenses A license is granted without discrimination to any entity that satisfies the requirements for that specific license. Thus (with certain exceptions), foreign investors may obtain licenses under the same conditions and in with the same procedure as Azerbaijani nationals. Normally, a licensee may not transfer a license to another legal entity or individual. Licensing in Azerbaijan is regulated by the presidential decrees and orders of the Cabinet of Ministers of the Republic of Azerbaijan. The Ministry of Economic Development is the government agency entrusted to exercise overall control in the field of licensing and to maintain a single register of licenses. Regulations on procedures for the licensing of specific types of activities are generally issued by the Cabinet of Ministers. An applicant is required to submit all documents specified in the regulations and pay the required fee, upon which (subject to the application meeting all requirements) a license is issued within 15 days. The basic term of any license is five years. Azerbaijani licensing system was reformed in 2002. Number of business activities requiring a license was reduced from more than 200 to 30. The application, paper processing and regulating bodies were defined and the overall procedure streamlined. However, currently the list reaches approximately 50. As the result of the reform, the licensing system in Azerbaijan was liberalized. Licensing differs from the permitting procedure related to special “hazardous” activities such arm trade or nuclear materials storage. In Azerbaijani terms this type of permits is called “special licenses”. A person who wishes to obtain a license to carry out specified entrepreneurial activity should either create a legal person or register as an entrepreneur, i.e. become an “individual businessman”. In the ANNEX 3 you may see the list of business activities requiring a license. No other business activities require special permits as of the date the publication went to press. The list of documents required for obtaining a permit is limited. No other documents can be requested from a business to get the license. 2.5 Hiring & Firing Labour relations governing the employment of all workers and employees in the Republic of Azerbaijan are regulated by the Labour Code, effective 1 July 1999 (the Labour Code), together with other laws issued pursuant to the Labour Code. The main legislative act regulating labour issues is the Labour Code adopted in 1999 that codified the legislative acts adopted in the early years of independence and number of lower tier normative legal acts that expand certain provisions of the Labour Code. A standard working week is 40 hours. Overtimes and work during days-off (which are Saturdays, Sundays, public holidays and a mourning day) are compensated in the manner provided for in law. Employment relations are established by virtue of execution of an employment contract, which is made without a fixed term in most cases. In limited cases (such as seasonal nature of work, work under a fixed term project or assignment, agreement of employer and employee) employment contract can be made for a fixed term. Probation period of up to 3 months is allowed in most cases and the contract can be terminated by either party upon giving a 3-day notice. Fixed-term contract will be deemed to be extended unless terminated by a notice within 7 days of the expiration of the original term of the contract. A contract without a fixed term can be terminated by employer in cases specified such as gross violation of labour duties by an employee, redundancies, determination of an employee's qualification as inadequate for performance of his duties, change of labour conditions etc. An employer is under a duty to give a termination notice. The general term of such a notice is 2 months (e.g. redundancies). However, certain exclusions are available (e.g. in case of gross violation of labour duties). An employee can terminate a contract at any time upon giving a 1-month notice. In certain cases when employment is terminated by the employer, the employer shall allocate to an employee a fixed number of days in a working week to allow an employee look for a different workplace. Termination of employment with certain categories of employees (e.g. pregnant women, women with children below 3 years of age) is prohibited, unless employer is being liquidated. In cases of termination of employment due to redundancy, termination of work place or liquidation of an enterprise employer shall pay to the employee severance payment, which may total to up to three months of employee's salary. Generally, legal entities are required to make monthly social insurance contributions in the amount of 22% of the salary fund of its employees. Legal entities are also under an obligation to withhold employees' social insurance contribution in the amount of 3% of employees' gross salaries and transfer same on behalf of the employees to the State Social Fund. Individual entrepreneurs are, generally, required to pay social insurance contributions in the amount of 20% of the average statistical monthly salary for the previous year. Different rates are provided for certain categories of individual entrepreneurs (such as auditors, private notaries, auditors, accountants etc.) Azerbaijani law also provides for obligatory medical insurance procured by employers. Compensation in Foreign Currency All salaries paid in Azerbaijan must be paid in manats. Probationary Period To have force in law, a probationary period can be stated in an employment contract and may not exceed three months. Minimum Wage Employee remuneration may not be lower than the minimum monthly wage, currently 50 manats (approximately US$ 59) per month. Work Week The regular work week is 40 hours, reduced for certain groups of people. Overtime is, as a rule, not enforceable unless necessary for state defense, public safety, ensuring the supply of public utilities, and in certain other situations. The duration of overtime work may not exceed a certain limit established by the Labour Code. For each hour of overtime work, an employee must be compensated at a rate at least twice his or her normal hourly rate. Holidays Employees are entitled to 21 official public days off, 20 of which are public holidays and one is a day of mourning. The minimum paid annual leave is 21 calendar days, more for certain groups of employees. Sick Leave Except for the first 14 days of any absence, compensation for sick leave is provided by the State Social Protection Fund, not the employer. Maternity Leave Women are entitled to be paid maternity leave for 70 calendar days prior to and 56 days (70 in certain cases) after the birth of a child. Maternity pay is provided by the State Social Protection Fund. Dismissal Grounds for dismissal include, among other things: staff redundancy; employee’s lack of ability to perform required employment duties; and violation of employment duties as determined by the employment contract. There are certain restrictions covering the dismissal of certain categories of employees. In certain cases, an employer is required to report an employee’s dismissal to the appropriate state authorities. Cost of Employment Employers are required to pay social security contributions on behalf of their employees. Income Tax The employer is obliged to withhold income taxes for its employees and certain social contributions. Foreign Workers in Azerbaijan Foreign employees who are employed by enterprises (affiliates or representative offices) operating in Azerbaijan are subject to Azerbaijani labour law, except for those working in enterprises, branches or representative offices located in Azerbaijan under employment contracts concluded in the foreign state where the employer is located. Foreign nationals wishing to work in Azerbaijan are required to register at their place of residence and obtain a work permit. Work permits are issued by the Ministry of Labour and Social Protection. Heads of representative offices and branches of foreign legal entities (and their deputies) are not required to obtain a work permit in Azerbaijan. 2.6 Foreign trade regulation Azerbaijan has started negotiations with WTO on accession to the organisation. The government has undertaken a number of steps to liberalize foreign trade. As of the end of 2006, the weighted average import tariff in Azerbaijan was 5.8 % i.e. significantly below the international average. Import and export is one of the most rapidly developing business segment in Azerbaijan. The average annual growth in foreign trade in recent years is approximately 15%. Azerbaijan is developing trade relations with a number of countries. In 2006, there were trade operations with more than 140 partners. The European Union remained the major destination for export of Azerbaijani goods. Russia and CIS are the major importers. The main export commodities are oil and petrochemicals, a/c products. The import includes machinery and luxury goods, constructions materials etc. Azerbaijani law recognizes several customs regimes applicable to goods imported in Azerbaijan, of which most important to foreign investors being transit, customs storage, bonded warehouse, temporary import, processing on and outside customs territories. Imports and Exports by countries in 2006 (mln US dollars) TotalImport TotalExportmln US$ratio. %mln US$ratio. %5267.3100.06372.1100.0Russia1181.522.4Italy2845.444.7Italy124.62.4France347.55.5UK6.08.6Russia344.25.4Turkey385.07.3Turkey388.16.1Germany403.87.1Turkmenistan95.20.1Turkmenistan317.57.0Georgia285.24.5Ukraine223.35.3Israel684.810.7China197.94.2Korea683.51.1Netherlands909.31.7Iran295.94.6USA141.03.8Singapore918.91.4India57.41.1Greece181.92.9Japan188.23.6Tajikistan130.82.1 In the case of temporary import, no duties are applied and the goods must be re-exported from Azerbaijan until the deadline established by the customs authorities. The goods brought under the temporary import regime should be re-exported without substantial changes in their nature. Import of goods into Azerbaijan is subject to imposition of imports duties (ad valorem duties ranging from 0% to 15%, per unit duties, duties per metric units). Excise tax applies to certain types of goods (e.g. tobacco and alcohol products). Azerbaijan adopted “destination VAT” principle and VAT (currently set at 18%) is payable (subject, of course, to applicable customs regime) on the declared value of goods (including assessed import duties and excise tax). Certain categories and types of goods are import exempt and to some others 0% VAT applies. 0.15% customs clearance fee is applicable to all imports/exports with certain minor exceptions. Exports are exempt from customs duties, except for certain types of metals and metal products. Under PSA (Production Sharing Agreement) regime, contractors, its agents and sub-contractors are entitled to import and re-export from Azerbaijan free from import duties and restriction goods employed for hydrocarbon activities. Imports under PSA regime are subject to zero rate VAT. Similar regime applies under HGAs (Host Government Agreement). Another important development worth mentioning is a number of regional trade initiatives including Central Asia - Caucasus - Europe transport corridor (TRACECA) and Russia-Azerbaijan-Iran transport corridor (North-South Transport Corridor). The projects are directed at stimulation of international trade along the above routes via coordination of trade policies and tariffs, upgrade of infrastructure, simplification of customs procedures etc. The impact of the above initiatives on international trade of Azerbaijan and on its status of a regional transportation hub is substantial. 2.7 Currency regulation & repatriation of profit Foreign exchange Foreign exchange transactions are governed by the Law on Currency Regulation. The National Bank of Azerbaijan administers the overall enforcement of currency regulation. Various aspects of foreign currency regulation also cover precious metals and foreign securities, among other matters. Azerbaijan’s currency control legislation distinguishes between “residents” and “nonresidents”, with more stringent requirements currently applying to residents. The definition of “resident” includes private individuals having a permanent place of residence in Azerbaijan and legal entities established in accordance with Azerbaijani legislation. Branches and representative offices of foreign entities established in Azerbaijan do not fall within the definition of a resident. Currency operations are divided into routine currency operations and operations involving the movement of capital. Routine currency operations include: Transfers for payment of goods and services under import/export contracts with a term of payment not exceeding 180 days; Transfers in connection with the financing of export/import transactions with a term not exceeding 180 days; Transfers of dividends, interest, and other income from deposits, investments, credits and other operations; and Non-commercial transfers, for example including transfers of inheritances, wages, pensions or alimony. Operations involving the movement of capital are deemed to include all other non routine currency operations, e.g.: Direct investment in entities for the purpose of deriving profit and obtaining control over the entity; Purchase of securities; Payments for ownership and other rights to immovable property; Import/export transactions under credit terms of more than 180 days; Deposits by banks of currency values for more than 180 days; and Any other currency operation not deemed as a routine currency operation. Currency operations involving the movement of capital must be performed in a manner approved by the NBA. No procedure, however, has been established by the NBA on this point and, in effect, no licensing of the currency operations involving the movement of capital is required at present. Foreign exchange regulations are comparatively less restrictive for non-residents. Nonresidents are permitted to hold offshore bank accounts without restriction, may deposit their funds offshore, and are not bound to sell foreign currency proceeds or submit a report upon withdrawal of foreign currency. Non-resident legal entities may purchase foreign currency on the domestic foreign currency market for routine currency operations and in other cases stipulated by legislative acts. Import/Export of Foreign Currency in Cash by Individuals. Resident and non-resident individuals are treated equally with regard to the import/export of foreign currency in cash. There are no limitations on the amount of foreign currency an individual may bring into Azerbaijan, provided that such amount is declared to the Azerbaijani customs authorities. Azerbaijani customs authorities are required to issue a certificate to an individual importing more than US$ 10,000 or its equivalent into Azerbaijan. Residents can export of a hard currency in the amount up to the equivalent of USD 10,000 free of tax without any documentation except the tax declaration. Non-residents, however, are required to submit some documents. Residents must pay a 1% fee for the amount from USD 1,000 up to USD 10,000. In case the USD 10,000 threshold is exceeded, supporting documentation must be provided in any event. Pursuant to the newly-issued regulations of the Azerbaijani National Bank, residents may transfer currency to certain states (member states of the Organisation of Economic Development and Cooperation, Russia and those having bilateral investment related agreements with Azerbaijan) for the purposes stated in the regulation: direct investment, acquisition of securities, real estate purchase, transfer of currency to the resident’s deposit in foreign bank. There is no specific limitation as to the amount allowed for transfer. Foreign companies and individuals may have both Manat and foreign currency accounts in a local bank. All settlements within Azerbaijan including payments of employee salary should be made in Manats with a few exceptions. A permission of the National Bank of Azerbaijan is required to conduct certain transactions in foreign currency. From 1st January 2006 new Azerbaijani manats were introduced to replace the old ones. The exchange of banknotes is accompanied by denomination of the currency at a rate of 1 to 5000. The international abbreviation for the new manat is AZN. 2.8 Taxes Tax policy and collection of taxes in Azerbaijan is carried out by the Ministry of Taxes. For the purposes of this review we will concentrate on corporate taxation. Currently, there are two different types of tax regimes in Azerbaijan. The companies that work predominantly in the oil & gas sector under the Production Sharing Agreements (PSA) are subject to the oil consortia tax regime which will be looked at below in this publication. The statutory tax regime is applicable to all other legal entities. The statutory tax regime is regulated by the Tax Code 2000 and numerous normative legal acts. The tax legislation in force is regarded as one of the best pieces of legislation among the transition economies. All Azerbaijani enterprises, representative offices, branches, and individuals engaged in business activities (as well as foreign entities and individuals conducting business activity in Azerbaijan through a “permanent establishment” (“PE”) as defined under the Tax Code) must register with the tax authorities regardless of whether or not their activities are taxable in Azerbaijan. Divisions which have not established a PE are subject to a separate regime. Double Taxation Treaties. Azerbaijan has entered into bilateral treaties for the avoidance of double taxation with 25 countries. Double taxation treaty negotiations are currently underway with Bulgaria, Denmark, Greece, India, Kuwait and Kyrgyzstan. Road Tax Legal entities and individuals of foreign states as well as persons owning vehicles in Azerbaijan Republic must pay this tax when using the territory of the Azerbaijan Republic. Taxes are assessed on cars, buses and trucks depending on seat number, days spent in Azerbaijan and number of other conditions (e.g. US$15-US$25 per day for buses, etc.) Simplified Tax This tax is intended to ease tax burden for small size businesses and is in lieu of general profit tax. Simplified tax is charged at the following rates on the gross revenue of the taxpayers: 4% for taxpayers operating in Baku 2% for taxpayers operating in other regions of Azerbaijan In order to quality for this tax, the total revenue should not exceed 24,750 Azerbaijan manats (approximately USD 29,100 at the current exchange rate) in a three month period. The payers of the simplified tax are also exempt from VAT, profits tax and property tax. Simplified tax is payable on a quarterly basis. Dividend Withholding Tax Dividend withholding tax of 10% applies to both domestic and foreign shareholders. Tax is withheld in the currency in which the dividend is paid. Double Taxation Treaties (“DTT”) may reduce the rate at which dividend tax applies. See the ANNEX 4 for brief information about DTTs in Azerbaijan. Other Withholding Taxes Foreign legal entities with no permanent presence (permanent establishment) in Azerbaijan are subject to withholding tax on income derived from sources in Azerbaijan at the following rates. 10% - Interest 14% - Rent and Royalty 6% - Freight income 6% - Telecommunication services 4% - Financial leasing and insurance payments 10% - Other income For detailed information on Tax rates please see ANNEX 5. Losses and bad debts Losses may be carried forward over the next five years using one of the following two options. Under the first option, losses can be offset against the taxable profit in a given tax period in the amount of up to 20% of the amount of such taxable profit for that tax period. Alternatively, losses can be carried forward on a pro rata basis where 20% of the total losses is used in a given tax period. Losses cannot be carried back. Bad debts may be deducted from taxable income only if recognized as having no value in the accounting books of the company and if they were reflected as income in previous periods. Losses and bad debts recovered in the future periods shall be recognized as income in the period of their recovery. VAT registration There are detailed requirements for registration and accounting for VAT, with penalties for non-compliance. Companies with taxable transactions exceeding a certain threshold (currently approximately $25,000 USD per three consecutive months) must register as VAT payers. Other companies carrying out business activity in Azerbaijan may voluntarily register. Only registered VAT payers may charge VAT or claim a credit for input VAT that they pay. Interest and penalties There are certain interests and penalties applicable for failure to comply with the tax legislation. For example, interest on outstanding tax liabilities accrues at a rate of 0.05 percent per day. The following penalties may also be applicable: Breach Fine Failure to register as a taxpayer with the tax authorities AZN 44Failure to file declarations AZN 44Understatement of tax liability 25 percent of understated tax Payments from petty cash while bank accounts are imposed tax sanctions or penalties by the tax authorities20 percent of expenses paid from petty cash Failure to notify tax authorities on changes in a taxpayer’s registration documents AZN 44 The statute of limitation period for a tax law violation is set as three years. A more detailed information on the Production Sharing Agreements may be obtained from the Oil & Gas (including regulatory environment of the industry) article of this publication. Accounting The new Accounting Law 2004 stipulates gradual transition to the new accounting standards based on IAS by 2008. Thus the Soviet-era accounting principles will eventually cease to regulate the financial reporting. It should be noted however, that Azerbaijan has already made substantial advancement towards new financial reporting philosophy. The banks as well as the companies under Production Sharing Agreements and similar commercial deals are not regulated by the 1995 Law on Accounting. The new Law charges the Cabinet of Ministers with the task of publishing new National Accounting Standards (NAS), which are yet to be developed. The Law stipulates that all significant entities including credit institutions, insurance companies, investment funds and commercial organizations meeting certain criteria will be subject to International Financial Reporting Standards (IFRS). Others (except for small private businesses) will have the choice of using either the IFRS or NAS. Small private business will have the right to choose between the NAS or a simplified method of accounting. All entities registered in Azerbaijan (Azerbaijani Legal entities, representative offices and branches) are required to maintain their books and records on the territory of Azerbaijan, in local currency, and in accordance with the Azerbaijan accounting legislation (AAL). This includes the use of a mandatory, and quite rigid, chart of accounts. In most cases this will necessitate the employment of a Full-time, experienced Azerbaijani chief accountant. The Civil Code 2000 contains general provisions regarding financial reporting and audit requirements for legal entities. Joint stock companies and limited liability companies are required to use independent auditor to audit their annual financials (in addition, joint-stock companies are required to publish their annual accounting reports and balance sheets). Any legal entity with the value of balance sheet exceeding 1 mln AZN (1,150,000 USD) or annual revenues exceeding 500 thsd AZN (580,000 USD) shall perform audit of its balance-sheet. Legal entities with balance-sheet value of below 1 mln AZN or annual revenues below 500 thsd. AZN are allowed to prepare simplified balance sheet. Tax Code 2000 also contains certain provisions dealing with accounting matters, such as depreciation. Depreciation is made in accordance with a declining balance method and the following rates apply to these selected categories of assets: - buildings, facilities and installations - up to 7%; - machines, equipment and computers - up to 25%; - vehicles - up to 25%; - intangible assets - up to 10% when life time is not defined or in accordance with life time when life time is defined; - other fixed assets - up to 20%. Actual capital expenditures for production purposes made in a current tax year in form of buildings, facilities, installations, machines, equipment, computers vehicles and other assets may be depreciated at a rate of up to 2 times of standard rates, i.e. depreciated in an accelerated manner. An accelerated depreciation rate was recently also introduced for the leased equipment in order to stimulate this financial service. As mentioned above separate chart of accounts based on western accounting principles has been adopted for the commercial banks few years ago. AAI differs from TFRS and generally accepted accounting principles in other countries (e.g., the United States). A summary of the most significant differences is as follows. Accounting policies. AAL do not require detailed disclosure of accounting policies used in the preparation of the financial statements or footnote disclosures that provide additional information, analysis and clarification of the financial statements. Property, plant and equipment (PPE). Property, plant and equipment is maintained under the historical cost convention (at acquisition price or cost of production including transportation and assembly costs) as modified by the revaluation of assets. At various times since 1992, PPE was revalued in accordance with Government decrees (most recently in 1996). Indexes used for these revaluations did not necessarily properly account for the changes in the value of Manat nor did they result in the value of the underlying fixed assets to which they were applied being revalued to a current market value. Revaluations of property, plant and equipment are generally not required under 1AS and US GAAP. Impairment of assets. AAL does not permit the recording of an allowance against the carrying value of an impaired asset. This includes setting up an allowance for tangible assets as well as inventories, accounts receivable and other assets. IAS requires, among other things, that long-lived assets and certain identifiable intangibles that are held and used by an entity be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In addition, allowances may be made upon the carrying value of short-term assets (for example, accounts receivable) when it is likely that the full carrying value of the asset will not be recovered. Deferred taxes. Deferred tax assets and liabilities under IAS are recorded for the expected future tax consequences of existing differences between financial reporting and tax reporting basis of assets and liabilities, and loss or tax credit carry forwards. Under AAL rules, there are no provisions regarding deterred tax accounting. Equity. In the balance sheet of an Azerbaijani company equity is represented by charter capital, paid-in-excess capital, reserve capital, appropriated earnings, social funds and retained earnings for the current and previous years. Deductions can be made directly from reserve funds for non-tax deductible expenses. Under IAS, equity is generally represented only by capital stock, additional paid-in capital and retained earnings for the current and previous years. Intellectual property In 1996 and 1997 Azerbaijan started implementation of the national system for registration and protection of intellectual property rights. Intellectual property rights in Azerbaijan include: all rights to industrial property (including inventions, industrial designs, utility models, trademarks, and geographic names); and copyright and related rights. Current legislation pertaining to intellectual property includes the Law On Copyrights and Related Rights (the Copyright Law), the Law On Trademarks and Geographic Names, the Law On Patents, and the Law On Topology of Integral Schemes. Under existing legislation, the Cabinet of Ministers is empowered to authorise various state agencies to register and protect intellectual property rights in respective areas. The State Agency for Standardisation, Metrology and Patents is responsible for the issuance of patents and trademark registration. There is also the State Copyright Agency. Beyond this however, procedures for the registration and protection of various intellectual property rights differ from one state agency to another. Azerbaijan is a party to several international agreements concerning the protection of intellectual property including: the Convention Establishing the World Intellectual Property Organisation; the Paris Convention for the Protection of Industrial Property, the Madrid Agreement Concerning the International Registration of Trade Marks, the Madrid Protocol, the Patent Cooperation Treaty, and the Eurasian Patent Convention, the Performances and Phonograms Treaty of the World Intellectual Property Organisation Copyright Treaty of the World Intellectual Property Organisation. Azerbaijan is a “first to file” and not a “first to use” jurisdiction, meaning early registration of intellectual property rights is essential to ensure protection. Patent protection is granted to an invention if it is novel, inventive and useful. The maximum duration of protection for an invention patent is 20 years. Utility models are granted patent protection if they are new and “industrially applicable”. The term of utility patents is ten years. An industrial design right is characterized by an artistic and structural form which determines its external appearance. Patent protection is granted if an industrial design is novel, original, and capable of industrial application. The term is ten years. Patents may be assigned and/or licensed by their owner(s) to natural persons or legal entities. However, an assignment must be registered with the relevant state agencies to be valid. Infringement carries civil, criminal and administrative liability. The right to a trademark is based on registration with the respective state agencies. Trademark registration is granted for a term of ten years, renewable every ten years. Assignments of licenses for trademarks and geographic names must be registered with the relevant state agencies. Legal protection is given to the appellation of origin of goods based on registration with the relevant state agencies, and to trademarks existing under international agreements on the registration thereof or bearing the status of a known trademark. Violations of intellectual property rights carry civil, criminal, and administrative liability. The Copyright Law protects works of science, literature and the arts (copyrights) as well as stage productions, phonograms of radio or cable broadcasts, and computer programs and databases (allied rights). Copyright protection is normally granted to the author without registration. The right to use a copyrighted work may be re-assigned. A copyright provides protection for the lifetime of the author and normally for a period of 50 years following his or her death. Rights to computer programs, databases and topologies of integrated circuits are protected under the Copyright Law and the Law on Topology of Integral Schemes. The unauthorised re-creation (copying) of computer programs, alteration of existing programs, and unlawful accessing of legally protected computer information are criminal offences. Proper quality is determined by legislative norms and technical specifications applicable to a particular product. Certain goods are subject to mandatory certification by state agencies, in accordance with procedures established by legislation. The advertising and distribution of goods without such certification is prohibited. Dispute resolution & arbitration Courts Azerbaijan has a three-tier court system - courts of first instance, appellate courts and cassation court. Courts of first instance are the district (city) courts of general jurisdiction, local economic courts, and military courts. It is necessary to emphasise that Azerbaijani courts are undergoing a critical stage of transition and reforming from a soviet type "just courts" to an independent and modern judiciary. Vital steps such as re-appointment of judges and recent legal reforms are underpinning this process. It is safe to say that Azerbaijani system is becoming more relevant and appropriate for an open market economy Courts of general jurisdiction address disputes arising out of civil, family, or land-related matters, use of natural resources, environmental protection, tax, administrative and other matters, where at least one of the parties to a dispute is a physical person and where he does not have the status of an entrepreneur, or, if he has such status, the dispute arises other than in connection with the carrying out of his entrepreneurial activity. The economic courts consider cases in respect of economic disputes arising from civil, administrative and other legal relations between legal entities and physical persons with the status of individual entrepreneurs. Pursuant to the Decree of the President, the Economic Court of Appeals was liquidated and the regional appellate courts were established in Baku, Ganja, Sheki, Sumqayit and Ali-Bayramli cities. The decisions of the appeal courts can be further appealed to the court of cassation. The appellate board for civil cases of the Supreme Court considers appeals brought in respect of the decisions of boards for civil case of appellate courts. The appellate board of the Supreme Court for economic cases reviews the decisions of the decisions of boards for civil case of appellate courts. The cassation court is located in Baku. Mandatory enforcement Enforcement procedures set forth in Law on the Execution of Court Orders apply to judgments of Azerbaijani and foreign courts as well as international arbitration and foreign arbitration awards. The following documents have the status of execution orders: - court orders (e.g. judgments of Azerbaijani courts, interim orders, awards of international arbitration courts and tribunals, decisions of courts of foreign states and arbitration courts); - notarised agreements concerning the recovery of alimony; - execution notes of notaries; - decisions of state bodies (officials) authorized to consider cases relating to administrative offences; - decisions of other state bodies when provided by law. The documents should be submitted to a bailiff for execution within following periods: I. writs issued in accordance with courts decisions and courts orders – one month; II. writs issued in accordance with resolutions of courts on taking of measures related to provisional remedies - immediately; III. execution notes of notaries and decisions of bodies (officials) authorised to consider cases on administrative offences - ten days; IV. writs issued in accordance with decisions of international arbitration court and arbitration tribunals and decisions of courts of foreign states and arbitration courts - three years. Failure to voluntarily execute the appropriate decisions triggers obligatory execution. The following are obligatory execution measures: I. foreclosure and subsequent sale of assets; II. garnishment of salaries and similar payments; III. foreclosure of debtor's assets in possession of third parties; IV. taking of debtor's assets with subsequent transfer to claimant. Referral of a dispute to arbitration is a permitted dispute resolution mechanism. In general, matters over which courts have jurisdiction can be arbitrated in cases provided in law, international agreements and upon agreement of the parties. Certain matters over which Azerbaijani courts have exclusive jurisdiction cannot be arbitrated and include, inter alia, rights over immovable property located in Azerbaijan, cases concerning the recognition of patents, or other marks or rights, if such were registered (or application for registration was filed) in Azerbaijan, cases where an action is brought against a carrier under a contract for the carriage of goods, or cases relating to the existence of a legal person registered in Azerbaijan or cases where cancellation of a decision taken by a legal person is sought. Interestingly enough, civil procedure legislation does not set forth provisions regulating the conduct of domestic arbitration. Hence, one can naturally assume that the parties are at liberty to provide for these by their agreement. Commendably, Azerbaijan has made significant progress as far as international arbitration is concerned. Azerbaijan has acceded to 1958 New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards when ratification procedure was completed on 29 May 2000. Azerbaijan has also enacted the Law On International Arbitration, which basically adopts the UNCITRAL Model Law on International Commercial Arbitration of 21 June 1985. In addition, Azerbaijan is a signatory to 1998 Agreement on the Order of Reciprocal Enforcement of Arbitral Awards and Economic Court Judgments on the Territory of the country-members of the Commonwealth of Independent States. Decisions on enforcement and recognition of foreign arbitral awards are taken by the Supreme Court. In certain cases, enforcement can be declined, most notably, if: I. an award contravenes legislation, offends public policy or sovereignty of the Republic of Azerbaijan; II. the principle of reciprocity is not adhered to; III. there is a valid judgment of an Azerbaijani court relating to the same parties and same subject-matter; IV. an award has not entered into force in the country where it was made. The New York Convention will certainly not apply to the recognition and enforcement by the Azerbaijani courts of domestic awards (where an award is made in Azerbaijan arbitral proceedings). In the absence of relevant provisions in the civil procedure law, the Law on International Arbitration could be looked at for guidance. Under said law an international commercial arbitral award made in arbitration proceedings in Azerbaijan may be set aside if, inter alia: I. the notice of the appointment of an arbitrator or arbitration proceedings were defective; II. the dispute does not fall within the scope of the arbitration agreement; III. the composition of the arbitration tribunal or the arbitration procedure was not in accordance with the agreement of the parties; IV. the subject-matter of the dispute is not capable of settlement by arbitration under legislation of the forum state; V. the arbitral award is in conflict with Azerbaijani legislation. 2.12 Privatisation Foreign investment Under Privatisation Programmes Under the Privatisation Law, the following are considered to be foreign investors: • Foreign legal entities and their subsidiaries; • Azerbaijani legal entities in which participation of foreign investment exceeds 50% of the entity's charter capital; • Foreign nationals; • Stateless persons. To date, Azerbaijan has undergone a long process of transferring from a state-dominated economy to the current situation where 82% of the economy is held in private hands. This became possible largely thanks to the de-nationalisation of state owned enterprises and property. Privatisation occurred in two stages. The denationalisation of small sized enterprises was carried out within the First Stage Privatisation Programme (1995-1998). Thirty-nine thousand enterprises as well as 1.3 million hectares of land were sold and distributed to private persons and legal entities, more than 1,550 medium and large enterprises were transformed into stock-companies. Few large enterprises were also sold to investors as part of the Programme. They include, among others, a brewery, and cement and steel plants transferred to foreign investors. In general, the sum of revenues from privatisation in 1995-2006 was 235.02 million AZN (more than 270 million USD). As a result of privatisation, 500,000 job places were made available. Currently, the Second Stage Privatisation Programme adopted in 2000 is underway and covers more strategic and broader sectors of economy such as transport, communication, construction, chemical and heavy engineering industry, metallurgy, etc. It stipulates privatisation of mainly medium and large enterprises. The enterprises are declared "open for privatisation" by special Decrees signed by the President. The list of enterprises currently open for privatisation is available to the public. The law also contains the list of exemptions, i.e. enterprises that can not be denationalised. Such enterprises include military and other facilities of strategic importance. Railways, radio and TV stations, irrigation systems are excluded from the privatisation as well. The programmes explicitly do not mention any difference as regards as to who may participate in privatisation, i.e. foreign national takes part in the process on a non discrimination basis. The State Committee on Management of State Property is in charge of privatisation process. There are few privatisation methods legally adopted in Azerbaijan: - direct sale to strategic investor; - sale at the investment tender; - special cash and voucher auctions; - general auctions; - sale to employees on preferential terms. The Government also practises long term transfer of management to a private operator in accordance with an obligatory investment programme. Presently, the number of medium and large enterprises privatised within both Privatisation programmes is over one thousand. As a result of privatisation 355.5 million USD was invested to privatised enterprises. There are, however, still very substantial opportunities in privatisation as a mode of entry to the market. At present privatisation process plays a significant role in the development of the economy. hereto, in order to improve the privatisation process, a number of measures such as involvement of advisory companies, independent experts and valuators, educational and promotional works, organisation of different events with participation of local and foreign investors are being implemented by State Committee on Management of State Property. Besides this,  HYPERLINK "http://www.stateproperty.go.az/"www.stateproperty.gov.az and  HYPERLINK "http://www.auksion.az/"www.auksion.az web sites provide comprehensive information about enterprises open for privatisation, investment projects in different sectors of economy as well as current situation of privatisation of state property. Territory: 86.6 thsd. square km, (11.5% forests, 1.6% water surface, 50% agricultural lands, of which 27% pastures, 36.9% other lands). The territory also includes Azerbaijani sector of the Caspian Sea. The country is situated between 44° and 52° of east longitude, 38° and 42° of north latitude, Baku is located in 40° parallel. Neighbours: Borders with Iran in the south - 765 km and Turkey in the south-west - 15 km, Russia in the north - 390 km, Georgia in the north-west - 480 km, Armenia in the west - 1,007 km. The widest part of the Azerbaijan section of the Caspian Sea is 456 km. Capital Baku Language Azerbaijani Currency New Azerbaijani Manat (AZN) Chart.  EMBED Microsoft Graph Chart  Some useful macroeconomic indicators (2006): GDP 17.77 billion AZN Annual growth 34.5% GDP per capita 2,120 AZN Annual growth 40.1% Inflation 11.4% Investments 7.27 billion AZN Annual growth 8.0% Domestic investments 30.9% Foreign investments 3.3% Weighted exchange rate for 1 USD 0.87 AZN Share in GDP by sectors (2006): - industry 58.3% - agriculture 7.1% - construction 7.5% - transport 5.3% - communication 1.8% - wholesale and retail 5.1% - social services 8.4% - taxes 6.5% 68€Š¬äêF k l ARŽµÍÎu‘©àíâÔ³¡³¡’⒁’ui’^í^’uP^h€h"56mH sH h€h"mH sH h€h"5mH sH h€h"6mH sH  h€h"5B*mH phsH h€h"B*mH phsH #h€h"6B*]mH phsH h€h"B*mH phMMMsH #h€h"5B*\mH ph˜%sH h€h"5\mH sH jh€h"U#h€h"5B*\mH phsH 0246€ŠäD F £ € j ééééÐéééÂŒ²š›’Œ’ $7$a$gd" $„h7$`„ha$gd" „h7$^„hgd" „h7$`„hgd"7$gd" & F Æ7$gd"$ & F ÆÐ-D7$MÆ ÿÿÿÿa$gd"$„h-D7$MÆ ÿÿÿÿ^„ha$gd"ç\ûéýýj k @A§šÛ7pqôõŽµÍÎãîõ *+8ööððððððööööööëëöà××××××× $Ifgd" $G$Ifgd"gd"7$gd" $7$a$gd"8KNQTXZ[stuv‘ôëëëëëë롘††€7$gd"$-D7$MÆ ÿÿÿÿa$gd" $7$a$gd"Jkd$$If”ÉÖ0Œ 6Œ ª öÖÖÖÖÿ4Ö4Ö laöl $Ifgd" $G$Ifgd" ‘¢§š©ÂÃÉÊÐñññ”‰€ñtñt $$Ifa$gd" $Ifgd" $G$Ifgd"]kd$$If”ÖFÄ–€Ä€T€~öÖ Ö Ö Ö ÿÿ4Ö4Ö laöl $$G$Ifa$gd" ÐÑÒÙàáçíîôú¢—††xllxll $$Ifa$gd" $$G$Ifa$gd" & F ÆÐ$Ifgd" $G$Ifgd"]kdH$$If”3ÖFÄ–ÄT~öÖ ÿÿÿÖ Ö Ö ÿÿ4Ö4Ö laöl àá!#HOQÿ ©ýÿ""À%Â%W&Y&Õ&×&Å)Ç)Ñ)Ó)G1I133Æ:ï:ìáÕáìáο³§á•¿€¿o¿o¿o¿o¿o¿o¿o¿o¿o¿ah€h"5\mH sH  h€h"B*H*mH phsH )h€h"56B*\]mH phsH #h€h"6B*]mH phMMMsH h€h"6mH sH h€h"5mH sH h€h"B*mH phsH  h€h"h€h"H*mH sH h€h"mH sH %h€h"fHàmH qÊ ÿÿÿsH "úûü!¢—Ž€t€t $$Ifa$gd" $$G$Ifa$gd" $Ifgd" $G$Ifgd"]kdí$$If”mÖFÄ–ÄT~öÖ ÿÿÿÖ Ö Ö ÿÿ4Ö4Ö laöl!"#¶·FGHÿõöŸ¢™™™™™™o™™™™)$$d%d&d'dNÆOÆPÆQÆa$gd" $7$a$gd"]kd’$$If”åÖFÄ–ÄT~öÖ ÿÿÿÖ Ö Ö ÿÿ4Ö4Ö laöl Ÿ š©’“ò ó "")#*#N&O&Ý)Þ)²+³+G-H-ø.ù.ø0ù0C3D3{4|4å6öððöööööðöðööööööööööööööööö7$gd" $7$a$gd"å6æ6Å:Æ:Ç:ï:ñ:%;&;Å;Æ;z=|=%@&@:A;AåCæCFŽFÚHIIöööðððððöðööèèèöööööÝÑÑ $$Ifa$gd" $G$Ifgd"$a$gd"7$gd" $7$a$gd"ï:ð:ñ:&;Å;z={=|=4?6?:A;Ahòhóh»iŒiòééØòééééØòéééééééééééééé$ & F ÆÐ7$a$gd" $7$a$gd" $„h7$^„ha$gd"ŒiUjVjll?m@m_o`oËptquqbrcrÒrÓrfsgs­s®s˜t™tuuöööðöööðäöööÜÊÊÊÊÊÊÊÊÊÊ$-D7$MÆ ÿÿÿÿa$gd"$a$gd" $ ÆÊa$gd"7$gd" $7$a$gd"]o`oûoýoÌpbruuHvhv¶w·wÑwÒw”xêz>|¿|ó~ý~`ƒI„O„R„i„‹„Z†[†r†îˆ ‰‹‹žŒ¹Œ…Ž£ŽGH•‘–‘ðåÙåðåÊåŸåŸ°žðåðåððå~åðåðåŸåŸåŸåŸåŸåŸåŸåŸhîh"B*mH phÿsH  h€h"6B*mH phsH #h€h"5B*\mH ph˜%sH h€h"5\mH sH h€h"5mH sH h€h"B*mH phÿsH h€h"H*mH sH h€h"mH sH h€h"B*mH phsH *u•u–uHvIvµw¶w·wÑwÒw”x•xézêz=|>|¿|À|7~8~]€^€c‚d‚Pƒ÷÷÷÷åååßßÖ÷÷÷÷÷÷÷ÖßÖÖÖÖÖ $7$a$gd"7$gd"$-D7$MÆ ÿÿÿÿa$gd"$a$gd"PƒQƒ„Ž„+…,…D…\…‚…Ž…µ…Z†[†íˆîˆ‹‹ŒžŒ„Ž…Ž•‘–‘\”öööööððððööÞÞÞÞÞÞÞÞÞÞÞÞÞö$-D7$MÆ ÿÿÿÿa$gd"7$gd" $7$a$gd"–‘Ž‘G•\•p˜}˜®šÈš|œ‹œÁŸòŸóŸŠŠüŠ§@šFš×®Ø®”³¬³µµF¶G¶H¶À·Á·‹»Œ+Œ,ŒåÈæÈÉ?É@ÉTÉÉÉÊÉ×ÉTÊ^Ê"Ì+ÌúÌ͓ÍïäØäØäØäØäïØɺɺɺÉïÉØäØäدäØä¡Øïɐ~Éï~Éï~É~É~É~É#h€h"56B*mH phsH  h€h"6B*mH phsH h€h"0J5mH sH jh€h"Uh€h"B*mH phMMMsH h€h"B*mH phsH h€h"5mH sH h€h"mH sH  h€h"5B*mH phsH 1\”]”F•G•Œ——o˜p˜­š®š|œ}œÀŸÁŸòŸóŸ‚¡ƒ¡H£I£p¥q¥Ù¥Ú¥úŠüŠ>šööööööööäööööääööööööööööö$-D7$MÆ ÿÿÿÿa$gd" $7$a$gd">š@š˜©š©ò­ó­×®Ø®P¯Q¯±ž±’³“³”³«³¬³µµF¶G¶À·Á·ïžðžºööööööööööööööñßöööööß×××$a$gd"$-D7$MÆ ÿÿÿÿa$gd"gd" $7$a$gd"ººÖº×ºŠ»‹»ŒŒŒ+Œ,ŒœœŸ ŸÞŸßŸ«À¬ÀBÁCÁVÂWÂJÄKÄþÄÿÄäÅ÷÷÷÷÷÷òòòéééééééééééééééééé $7$a$gd"gd"$a$gd"äÅåÅNÇOǎȏÈåÈæÈÉ?É@ÉTÉÉÉÊÉ×ÉSÊTÊ^Ê!Ì"Ì+ÌùÌúÌ͓͒ͣÍlÎmÎöööööööööööööööööööööööööööö $7$a$gd"“Í£ÍmÎwÎÐ+ЇВÐøÐÑÆÓÈÓåÓgÔrÔY×c×I؃ؠآس؎ØÅØÇØÔØÕØ}يٓ١ٜÙÆÙóÙùٓڕÚýÛÜEâJâwâxâ‰âðì*íëîìîyðòäóíÞíÞíÞíÞíÞÓÇÞžÞžÞÇÓ±Ó±Ó±Ó±ÓÞÓÞÓÞÓÞӱޠޏÇޏޏÞÓÞÓÞ h€h"5B*mH phsH  h€h"6B*mH phsH  h€h"h€h"B*mH phÿsH h€h"5mH sH h€h"mH sH h€h"B*mH phsH #h€h"56B*mH phsH 2mÎwÎÐÐ+ІЇВÐ÷ÐøÐÑiÒjÒÆÓÇÓÈÓåÓæÓ±Õ²ÕŽÖµÖH×I×HØIØööööööööööööäßßßäöööööÙöö7$gd"gd"$-D7$MÆ ÿÿÿÿa$gd" $7$a$gd"I؃؄؅؋ؙؒؓؠØñºñ®ñ£®ñ $G$Ifgd" $$Ifa$gd"7kdo$$If”JÖ…ÿÏ!J"öÖÖÖÖ4Ö4Ö laöñÿ $$G$Ifa$gd" Ø¡Ø¢ØªØ³ØŽØŒØÅ،ƒuuƒuu $$G$Ifa$gd" $Ifgd"skdÂ$$If4”âþÖ\…ÿ ¹?Ï!`†® `† öÖÿÿÿÿÖÖÖÿÿÿ4Ö4Ö laöñÿf4ÅØÆØÇØÎØÔØÕØÜØâØf]OO]OO $$G$Ifa$gd" $Ifgd"™kdƒ$$If4”âþֈ…ÿ b ¹?–Ï! 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% ( % €% % €% €% €" ÿÿÿÿ!% % %  ÿÿÿ ÿÿÿÿÿÿÿÿ <% €% % €% % €% €% €" ÿÿÿÿ!% % %  ÿÿÿ •á8  RpÆÿÿÿÂÂŒÌ"ArialÕ !%hcñwübñw !Š ˜Úp/òw Õ !%°ª òwÕ !%ª “%ª “ Yñw8lŸ°Ø=0Õ !%ª äÚ8lŸ«nJ·0!ŠïŠï€=jñwðØ]04eŸXÞ’ïÕ !%!ŠŽeŸÙÏ 0nŸäÚÙ©_ 0nŸšâ- õwço 0€Šï’ïLÙ’ïdv% Tdœô5Ž_̇@?@‡@žRLÿÿÿÿÿÿÿÿT1997 ! % ( % €% % €% €% €" ÿÿÿÿ!% % %  ÿÿÿ ÿÿÿÿÿÿÿÿ <% €% % €% % €% €% €" ÿÿÿÿ!% % %  ÿÿÿ Ა  RpÆÿÿÿÂÂŒÌ"ArialÕ !%hcñwübñw !Š ˜Úp/òw Õ !%°ª òwÕ !%ª “%ª “ Yñw8lŸ°Ø=0Õ !%ª äÚ8lŸ«nJ·0!ŠïŠï€=jñwðØ]04eŸXÞ’ïÕ !%!ŠŽeŸÙÏ 0nŸäÚÙ©_ 0nŸšâ- õwço 0€Šï’ïLÙ’ïdv% Tdô¯Ž_̇@?@‡@RLÿÿÿÿÿÿÿÿT1998 ! % ( % €% % €% €% €" ÿÿÿÿ!% % %  ÿÿÿ ÿÿÿÿÿÿÿÿ <% €% % €% % €% €% €" ÿÿÿÿ!% % %  ÿÿÿ ˆá+  RpÆÿÿÿÂÂŒÌ"ArialÕ !%hcñwübñw !Š ˜Úp/òw Õ !%°ª òwÕ !%ª “%ª “ Yñw8lŸ°Ø=0Õ !%ª äÚ8lŸ«nJ·0!ŠïŠï€=jñwðØ]04eŸXÞ’ïÕ !%!ŠŽeŸÙÏ 0nŸäÚÙ©_ 0nŸšâ- õwço 0€Šï’ïLÙ’ïdv% Tdô(Ž_̇@?@‡@‘RLÿÿÿÿÿÿÿÿT1999 ! % ( % €% % €% €% €" ÿÿÿÿ!% % %  ÿÿÿ ÿÿÿÿÿÿÿÿ <% €% % €% % €% €% €" ÿÿÿÿ!% % %  ÿÿÿ ᥐ  RpÆÿÿÿÂÂŒÌ"ArialÕ !%hcñwübñw !Š ˜Úp/òw Õ !%°ª òwÕ !%ª “%ª “ Yñw8lŸ°Ø=0Õ !%ª äÚ8lŸ«nJ·0!ŠïŠï€=jñwðØ]04eŸXÞ’ïÕ !%!ŠŽeŸÙÏ 0nŸäÚÙ©_ 0nŸšâ- õwço 0€Šï’ïLÙ’ïdv% Td ô¢Ž_̇@?@‡@ RLÿÿÿÿÿÿÿÿT2000 ! % ( % €% % €% €% €" ÿÿÿÿ!% % %  ÿÿÿ ÿÿÿÿÿÿÿÿ <% €% % €% % €% €% €" ÿÿÿÿ!% % %  ÿÿÿ |ᐠ RpÆÿÿÿÂÂŒÌ"ArialÕ !%hcñwübñw !Š ˜Úp/òw Õ !%°ª òwÕ !%ª “%ª “ Yñw8lŸ°Ø=0Õ !%ª äÚ8lŸ«nJ·0!ŠïŠï€=jñwðØ]04eŸXÞ’ïÕ !%!ŠŽeŸÙÏ 0nŸäÚÙ©_ 0nŸšâ- õwço 0€Šï’ïLÙ’ïdv% TdƒôŽ_̇@?@‡@…RLÿÿÿÿÿÿÿÿT2001 ! % ( % €% % €% €% €" ÿÿÿÿ!% % %  ÿÿÿ ÿÿÿÿÿÿÿÿ <% €% % €% % €% €% €" ÿÿÿÿ!% % %  ÿÿÿ öᙐ  RpÆÿÿÿÂÂŒÌ"ArialÕ !%hcñwübñw !Š ˜Úp/òw Õ !%°ª òwÕ !%ª “%ª “ Yñw8lŸ°Ø=0Õ !%ª äÚ8lŸ«nJ·0!ŠïŠï€=jñwðØ]04eŸXÞ’ïÕ !%!ŠŽeŸÙÏ 0nŸäÚÙ©_ 0nŸšâ- õwço 0€Šï’ïLÙ’ïdv% Tdýô–Ž_̇@?@‡@ÿRLÿÿÿÿÿÿÿÿT2002 ! % ( % €% % €% €% €" ÿÿÿÿ!% % %  ÿÿÿ ÿÿÿÿÿÿÿÿ <% €% % €% % €% €% €" ÿÿÿÿ!% % %  ÿÿÿ pᐠ RpÆÿÿÿÂÂŒÌ"ArialÕ !%hcñwübñw !Š ˜Úp/òw Õ !%°ª òwÕ !%ª “%ª “ Yñw8lŸ°Ø=0Õ !%ª äÚ8lŸ«nJ·0!ŠïŠï€=jñwðØ]04eŸXÞ’ïÕ !%!ŠŽeŸÙÏ 0nŸäÚÙ©_ 0nŸšâ- õwço 0€Šï’ïLÙ’ïdv% TdwôŽ_̇@?@‡@yRLÿÿÿÿÿÿÿÿT2003 ! % ( % €% % €% €% €" ÿÿÿÿ!% % %  ÿÿÿ ÿÿÿÿÿÿÿÿ <% €% % €% % €% €% €" ÿÿÿÿ!% % %  ÿÿÿ éጐ  RpÆÿÿÿÂÂŒÌ"ArialÕ !%hcñwübñw !Š ˜Úp/òw Õ !%°ª òwÕ !%ª “%ª “ Yñw8lŸ°Ø=0Õ !%ª äÚ8lŸ«nJ·0!ŠïŠï€=jñwðØ]04eŸXÞ’ïÕ !%!ŠŽeŸÙÏ 0nŸäÚÙ©_ 0nŸšâ- õwço 0€Šï’ïLÙ’ïdv% Tdðô‰Ž_̇@?@‡@òRLÿÿÿÿÿÿÿÿT2004 ! % ( % €% % €% €% €" ÿÿÿÿ!% % %  ÿÿÿ ÿÿÿÿÿÿÿÿ <% €% % €% % €% €% €" ÿÿÿÿ!% % %  ÿÿÿ cᐠ RpÆÿÿÿÂÂŒÌ"ArialÕ !%hcñwübñw !Š ˜Úp/òw Õ !%°ª òwÕ !%ª “%ª “ Yñw8lŸ°Ø=0Õ !%ª äÚ8lŸ«nJ·0!ŠïŠï€=jñwðØ]04eŸXÞ’ïÕ !%!ŠŽeŸÙÏ 0nŸäÚÙ©_ 0nŸšâ- õwço 0€Šï’ïLÙ’ïdv% TdjôŽ_̇@?@‡@lRLÿÿÿÿÿÿÿÿT2005 ! % ( % €% % €% €% €" ÿÿÿÿ!% % %  ÿÿÿ ÿÿÿÿÿÿÿÿ <% €% % €% % €% €% €" ÿÿÿÿ!% % %  ÿÿÿ Ýတ  RpÆÿÿÿÂÂŒÌ"ArialÕ !%hcñwübñw !Š ˜Úp/òw Õ !%°ª òwÕ !%ª “%ª “ Yñw8lŸ°Ø=0Õ !%ª äÚ8lŸ«nJ·0!ŠïŠï€=jñwðØ]04eŸXÞ’ïÕ !%!ŠŽeŸÙÏ 0nŸäÚÙ©_ 0nŸšâ- õwço 0€Šï’ïLÙ’ïdv% Tdäô}Ž_̇@?@‡@æRLÿÿÿÿÿÿÿÿT2006 ! % ( % €% % €% €% €" ÿÿÿÿ!% % %  ÿÿÿ ÿÿÿÿÿÿÿÿ <% €% €% €" ÿÿÿÿ!% % %  ÿÿÿ ;% % €% % €% % €% €% €" ÿÿÿÿ!% % %  ÿÿÿ äŽYØ  Tlë™QÅ_̇@?@‡@ë™LÿÿÿÿÿÿÿÿXYears% €% % €% €% €" ÿÿÿÿ!% % %  ÿÿÿ ;% €% % €% % €% €% €" ÿÿÿÿ!% % %  ÿÿÿ cN­  RpÚÿÿÿ„„ŒÌ"Arial°ª òwÕ !%ð Y%ð Y Yñw°lŸHÙ=0Õ !%ð |Û°lŸ«nJ·0!¢ï`Ù¢ïª=jñwˆÙ]04eŸXÞ²ïÕ !%!ŠŸŽÙÏ 0nŸ|ÛŽÙ©_ 0nŸªðÙço 0ª²ïäÙ²ï¢ïhõZ õwª¬ÚRu 0²ïøíªdv% T„mN˜ÿ_̇@?@‡@mÿ Lÿÿÿÿÿÿÿÿ`mln. 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