CYPRUS TAX AND LEGAL FACTS July 2005

Transcription

1 CYPRUS TAX AND LEGAL FACTS July 2005 K appleúô º ƒ π πã π πô ÏÈÔ 2005 BDO Philippides Chartered Accountants

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3 CYPRUS TAX AND LEGAL FACTS July 2005 K appleúô º ƒ π πã π πô ÏÈÔ 2005 BDO Philippides Chartered Accountants

4 The fox knows many things but the hedgehog knows one big thing Greek parable

5 Preface This brief guide has been prepared to provide a general background to the Cyprus tax system. The tax information reflects tax law and practice in Cyprus as of July We also include key features of the Cyprus legal framework. Further, we make general reference to international tax planning opportunities using Cyprus which appeal to foreign investors. There are significant benefits to be derived from proper and effective tax planning. Our people possess the knowledge and expertise to guide you identify such benefits. We will make available to you our know-how and appropriate business and tax solutions to structure your operations in a tax efficient way. During the last 15 years, Cyprus has established itself as the main financial centre for inward investments in Russia as well as to central and eastern Europe. This is due to the island s excellent infrastructure, geographic location, the strong cultural and political ties it has with this region and its comprehensive treaty network with all the major countries in our region. Prior to its EU accession last year, Cyprus had reformed its tax system and its legislation which became in fact EU and OECD compatible. Its tax system is favourable and is an ideal location for investors who wish to invest into Europe or investors who wish to invest from Europe. Furthermore, Cyprus has for many years now differentiated itself from other financial centres. It is not a tax heaven but rather a tax incentive country. The corporate tax rate in Cyprus is the lowest in the EU, the tax regime provides many exemptions and the island s double tax treaties continue to be in force. It is therefore as attractive as ever as a holding company and much more. We hope you find our brief guide of interest to you and we shall be pleased to provide any further information you might require. BDO Philippides Chartered Accountants September

6 Cí1: 1.75 US $2.12 (22 August 2005)

7 Contents A Gate to Investors 6 Double Tax Treaties 8 Cyprus Legal Framework 10 Aspects of Cyprus Tax 15 Personal Income Tax 22 Corporation Tax 25 Special Types of Taxation 29 Special Contribution for Defence 31 Capital Gains Tax 34 Estate Duty 35 Immovable Property Tax 36 Transfer Fees 36 Social Insurance 37 Stamp Duty 39 Value Added Tax 40 Trusts 43 Due Dates of Tax Payments and Penalties 44 BDO Philippides 45 BDO International 47 appleúô : ºÔÚÔÏÔÁÈÎ ÙÔÈ Â (Tax Facts in Greek) 49 5

8 A Gate to Investors Having as from 1 January 2003 amended its tax legislation in anticipation for EU accession, Cyprus has set-up a tax system which is ideally suited both to inbound and outbound EU investors. It resulted in aligning Cyprus with EU directives, abolished all distinctions between international business (formerly offshore ) and local companies as from 1 January 2003 whilst maintaining a favourable tax regime for the international investor that includes the following features corporate profits are taxed at 10% investment income from dividends is tax free (0%) profit on sale of shares and securities is tax free (0%) repatriation of profits from Cyprus companies (dividends, royalties, interest) to non-residents is tax free (0%) no time restriction on carrying forward tax losses group relief provisions no CFC rules applied The island s 34 double tax treaties remain in force and continue to offer ample opportunities for international tax planning whilst also reducing legally overall taxes for businesses and individuals. Cyprus has double tax treaties in force with the following countries Austria, Belarus, Belgium, Bulgaria, Canada, China, Czech Republic, Denmark, Egypt, France, Germany, Greece, Hungary, India, Ireland, Italy, Kuwait, Lebanon, Malta, Mauritius, Norway, Poland, Romania, Russia, Singapore, Slovakia, South Africa, Sweden, Syria, Thailand, United Kingdom, United States, USSR and Yugoslavia. Tax costs play a significant role in investment decisions. Investors aim in maximising after-tax return on investment. Therefore, investment structures which have the least tax leakage are preferred by investors and are recommended by professional advisers. As such, a Cyprus investment vehicle can collect income which is a charge against high tax income. Withholding tax is eliminated or reduced under double tax treaties or under EU directives. The rate of tax in Cyprus is low compared to other EU countries. The income can then be repatriated in any form the investor wishes without withholding tax. 6

9 A Gate to Investors A Cyprus entity is suitable both for EU inbound and outbound investments. There are no investment activities which are inappropriate for the Cyprus tax environment. However, there are investment activities which are indeed ideally suited to the Cyprus tax environment such as holding companies investment funds and companies finance companies royalty companies south Europe, Middle East, Russia and central and eastern Europe headquarter business activities European enlargement and the accession of Cyprus opens up a new gate to investors who wish to invest in the EU or who wish to invest from the EU. 7

10 Double Tax Treaties Paid to Cyprus Dividends Interest Royalties % % % Austria Belarus 10/5 5 5 Belgium 10/ Bulgaria 5/10 -/7 10 Canada 15 -/15 -/10 China Czech Republic 10 -/10 -/5 Denmark 10/15 -/10 - Egypt France 10/15 -/10 -/5 Germany 10/15 -/10 -/5 Greece /5 Hungary 5/15 -/10 - India 10/15 -/10 10/15 Ireland - - -/5 Italy Kuwait 10 -/10 -/5 Lebanon -/5 -/5 - Malta - -/10 10 Mauritius Norway -/5 - - Poland 10 -/10 5 Romania 10 -/10 -/5 Russia 5/ Singapore - 7/10 10 Slovakia 10 -/10 -/5 South Africa Sweden -/15 -/10 - Syria -/15 -/10 10/15 Thailand 10 10/15 5/10/15 United Kingdom /5 United States 5/15 -/10 - USSR Yugoslavia The above table provides a summary of the withholding taxes applicable for payments to Cyprus companies from double tax treaty countries 8

11 Double Tax Treaties Paid from Cyprus Dividends No withholding taxes exist for dividend payments which are made to non-tax residents of Cyprus. Interest No withholding taxes exist for interest payments which are made to non-tax residents of Cyprus. Royalties No withholding taxes are levied on royalties as long as the right is used outside Cyprus. 9

12 Cyprus Legal Framework This section addresses key issues relating to private limited liability companies which are governed by the Cyprus Companies Law, Chapter 113 (as amended). We refer to private companies limited by shares. They are by far the most common type of legal entity registered in Cyprus and used in international tax structures. They have Articles of Association (Charter) that specifically restrict the number of members to less than 50 restrict the right to transfer shares prohibit any invitation to the public to subscribe to shares or debentures prohibit the issue of bearer shares Key features of Cyprus private companies Incorporation and capacity to contract A company comes into existence as a legal entity as soon as it is incorporated by the Registrar of Companies. This is evidenced by the Registrar issuing a Certificate of Incorporation that is conclusive evidence that the company has satisfied all legal requirements in respect of incorporation and that the company is duly registered under the Companies Law. A company cannot contract or enter any other obligation under the law until it has been incorporated. It cannot become liable on, or entitled under contracts purporting to be made on its behalf prior to incorporation. It cannot ratify contracts that were made prior to its existence. In practice, companies should enter new contracts to give force to agreements that were made prior to incorporation. Memorandum of Association The company s objects and powers are defined in the company s Memorandum of Association. Any act beyond a company s legitimate powers as defined in its Memorandum is void. Consequently, the Memorandum of Association is normally drafted as widely as possible to enable a company to engage in any type of business. 10

13 Cyprus Legal Framework Articles of Association The Articles of Association set out the administrative regulations and procedures for running the company. They stipulate and define how meetings of shareholders and directors are held, the powers bestowed on directors, the method of appointing and removing directors, determine the minimum number of persons that must be present for a quorum, set out the procedures for issuing new shares, transferring shares, borrowing powers and so on. Although the Articles of Association can often be in standard form, they are also drafted to take into account the specific needs and requirements of the shareholders. Shareholders and directors The powers in a company are distributed between the board of directors and the shareholders as stipulated in the Articles of Association. The power of the directors can therefore be as wide or narrow as the Articles provide except that the exercise of certain powers are specifically reserved for the shareholders. For example, the shareholders always have the right to remove directors. The Memorandum of Association and Articles of Association are filed with the Registrar and are therefore public documents available for inspection by everybody. As previously stated, an action outside the objects of the company is void and therefore unenforceable. The remedy commonly available to the other contracting party is to recover money or property paid or transferred under the void transaction to the extent that it is possible to trace it. However, the situation regarding an action that is within the objects of the company but made by directors acting outside their powers as stated in the Articles of Association may be very different. The indoor management rule as it is often called, accepts that persons dealing with directors are entitled to assume that the directors have the authority which they claim to have. Under common law principles, the company is bound by the actions of a director where that director acted within the usual, apparent or ostensible scope of the "director s authority". 11

14 Cyprus Legal Framework Directors and secretary A private company may have only one director and a secretary. A director may also be the secretary. From an administrative point of view it is advisable for the secretary to reside in Cyprus and be conversant in Greek as all communications and filings with the Registrar of Companies are required to be made in the Greek language. Procedural requirements All companies are required to hold in each calendar year, an Annual General Meeting (AGM). Not more than 15 months must elapse between one AGM and the next. The first AGM must be held within 18 months of incorporation. Failure to comply makes the company and each director liable to a fine not exceeding Cí250. The Articles of Association normally provide that the directors may call an Extraordinary General Meeting at any time. Notwithstanding the provisions of the Articles, the law states that the holders of 10 per cent of the paid up capital of the company have the right to require the directors to call an Extraordinary General Meeting. The notice period for an AGM or the meeting for the passing of a special resolution is 21 days. The notice period is 14 days for every other case. These notice periods may be shortened if 95 per cent of the members entitled to attend and vote agree to so do, except in the case of AGM where all the shareholders must agree to the shorter notice period. The Cyprus law contemplates 3 types of resolutions: ordinary, special and extraordinary. The minimum notice period and majority required in each care, are summarised Type of resolution Minimum notice period Majority required Ordinary 14 days 50% plus 1 share Special 21 days 75% plus 1 share Extraordinary 14 days* 75% plus 1 share *21 days if the resolution is to be passed at an AGM The Cyprus law details the nature of resolutions for each type of decision required 12

15 Cyprus Legal Framework Description of decision Amendment to Articles of Association Amendment to Memorandum of Association Issue of shares at discount Purchase of own shares Reduction of share capital Change of name Change of auditor Removal of director Member s voluntary liquidation Type of resolution Special Special with Court approval Ordinary with Court approval Special Special with Court approval Special Ordinary with special notice (28 days) Ordinary with special notice (28 days) Special Obligations to maintain accounting records and to prepare audited financial statements The directors are obliged to ensure that the company maintains accounting records that enable the preparation and audit of financial statements that show a true and fair view of the company s financial position and performance in accordance with International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS) The accounting records must be held either at the registered office or at another place in Cyprus and must always be available for inspection by the directors. Where the bookkeeping function is maintained outside Cyprus then arrangements must be made for those accounting records to be sent to Cyprus in regular intervals not exceeding 6 months. Failure to comply with this requirement leaves the directors open to prosecution with the possibility of a fine up to Cí1.000 and imprisonment up to 12 months Every company that has subsidiaries is obliged to prepare consolidated financial statements in accordance with IFRS and 13

16 Cyprus Legal Framework IAS and to present these financial statements to the members in general meeting. Additionally, those financial statements must disclose the following remuneration of auditors amounts paid to directors as compensation for loss of office the total amount paid to directors in fees and emoluments directors holdings in shares and debentures loans granted to directors Failure to comply with this requirement leaves the directors open to prosecution with the possibility of a fine up to Cí1.000 and imprisonment up to 12 months. It is important to understand that one company is considered to be a subsidiary of another only if that other company controls the constitution of its board or holds the majority of the voting rights either directly or through an appointed agent or trustee. The financial statements must be accompanied by a report of the board of directors which includes details of any changes in the nature or volume of operations any changes in the share capital any significant change in the constitution of the board of directors or the duties assigned to its members directors proposals regarding the distribution or not of the retained profits Failure to comply with these requirements leaves the directors open to prosecution with the possibility of a fine of up to Cí and imprisonment of up to 12 months. The financial statements must be audited by a registered auditor. Although a number of these requirements may, at first sight, seem onerous we at BDO Philippides have the knowledge and expertise to guide and assist you in meeting all procedural and regulatory requirements efficiently and effectively. 14

17 Aspects of Cyprus Tax Taxable and non-taxable entities A company is considered to be a tax resident of Cyprus if it is managed and controlled in Cyprus. Although no definition of management and control is provided in the tax law itself, this is generally accepted as being the place where board decisions are taken and where the directors reside. Consequently, for a company to be managed and controlled in Cyprus we would expect to see resident directors and regular board meetings being held in Cyprus. A company that is incorporated in a foreign country is considered to be tax resident in Cyprus if managed and controlled in Cyprus. Similarly, it is possible to incorporate companies in Cyprus that are non-resident for Cyprus tax purposes. Non-resident companies i.e. entities not managed and controlled in Cyprus are not subject to taxation in Cyprus unless they have a permanent establishment in the island. Where they have such an establishment, they are taxed only on that income that arises from the activities of that establishment. Such companies cannot take advantage of the Cyprus network of double tax treaties and are therefore used mainly for trading activities where treaty benefits are not required. The reputation of Cyprus as a top quality financial centre with highly developed banking, legal and accountancy professions gives a non-resident Cyprus company a clear advantage over known offshore jurisdictions which are often viewed with suspicion or mistrust. Taxation of resident companies Resident companies are subject to Cyprus corporation tax at the rate of 10%. This is the lowest corporate tax rate in the EU. Dividends, interest, royalties and profits realised for sale of securities are subject to special tax treatment as detailed below Taxation of transactions in shares and other securities Profits realised from the sale of securities are exempt from tax. Securities are defined as meaning shares, bonds, debentures, founders' shares and securities of companies or other legal persons and options thereon. The definition of security does not embrace all financial instruments. 15

18 Aspects of Cyprus Tax The Cyprus Tax Authorities have not issued a definitive list of all the financial instruments that they consider to fall under this definition but it is generally considered that promissory notes, shares in mutual funds and currency contracts are not considered as securities. Profits realised on dealing in these instruments are not exempt and are subject to corporation tax. Taxation of dividends Dividends received by a Cyprus resident company are generally exempt from taxation in Cyprus if they are received from a foreign entity in which the Cyprus entity owns more than 1 % of its share capital. The exemption does not apply where the foreign entity receives more than 50% of its income from investment activities, and the foreign tax burden of the company paying the dividend is substantially lower than that of the Cyprus resident company "Substantially lower" has been interpreted as meaning less than 5% The Cyprus Tax Authorities have acknowledged that foreign tax burden does not cover only the tax paid by the company paying the dividend but includes also the tax paid by lower level subsidiaries. In practice, therefore, dividends received from subsidiaries or associates are rarely taxed. Where dividends do not satisfy the requirements for exemption from taxation or where the holding constitutes less than 1% of the paying company s share capital, then they are subject to defence tax at the rate of 15%. However, any tax withheld at source is allowed as a deduction from this tax even if it is made from a country that does not have a double tax treaty with Cyprus. EU Parent-Subsidiary Directive Cyprus holding companies take benefit of the EU Parent-Subsidiary Directive. Dividends paid between associated enterprises that are both situated in the EU are made without any withholding taxes. A company is defined an associate of another, if that other company holds at least 20% of its share capital. This percentage will fall to 15% in January 2007 and 10% in January

19 Aspects of Cyprus Tax Taxation of interest income The taxation of interest income depends on whether it is derived in the ordinary course of business or it is closely related with that business. In such cases, the interest income earned is included in the calculation of taxable income under corporation tax and taxed at 10%. Interest earned by banks, financial companies, hire purchase companies or leasing companies is considered to arise from the ordinary course of business. Interest earned as detailed below is considered to be closely related to that business and is also subject to corporation tax a) businesses such as car dealers, property developers that sell their products on extended payment terms and charge interest on their trade debtors b) interest on current account balances at banks c) interest earned by companies which act as a vehicle through which a group finances the operations of companies within it. No formal definition of "group" has been provided but it is generally considered that a group comprises any relationship where the companies are ultimately controlled by one entity. Consequently, two entities that are owned by a physical person without a common holding company are not considered a group In all other cases, where the interest is considered to arise outside the ordinary course of business then only half of that is treated as income for corporation tax purposes but the gross interest received is also subject to defence tax at the rate of 10%. Thus the effective tax burden on such interest is 15%. Interest on deposit accounts and interest earned on loans granted to third parties are treated in this way. A credit is provided against the defence tax payable for any taxes withheld at source, irrespective of whether a double treaty exists or not. EU Interest and Royalty Directive The EU Interest and Royalty Directive came into effect on 1 January 2005 and provides that interest and royalty payments arising in one EU member state are exempt from any taxes imposed on those payments in that state, whether by deduction at source or by 17

20 Aspects of Cyprus Tax assessment, provided that the beneficial owner of the interest is a company in another EU member state. For the directive to apply the companies must be associated. One company is defined as an associate of another, if that other company holds at least 20% of its share capital. This percentage will fall to 15% in January 2007 and 10% in January The company receiving the interest or royalty payment must not be acting as a trustee, agent or intermediary. It should be receiving the income for its own benefit. The interest or royalty must be on an arm s length basis. The directive will not apply to what is considered to be "in excess of an arm s length amount". The low tax regime of Cyprus makes it the ideal route through which non-eu residents can extract profits from their EU operations. Interest and royalties are allowed as an expense in the EU payer reducing its tax base and is taxed at low rates, often nearly zero in Cyprus. Greece, Czech Republic, Slovakia, Poland, Portugal, Spain, Latvia and Lithuania have been granted a transitional period in which to apply the directive as the economic effect of immediate compliance would be onerous. They can charge a maximum withholding tax of 10% up to 2007 and 5% until However, the Cyprus network of double taxation treaties includes Greece, Czech Republic, Slovakia and Poland. The overall tax burden on interest and royalties remitted to Cyprus from these countries is not affected by the transitional provisions as Cyprus grants a tax credit for the taxes withheld by these countries. Taxation of royalties Royalties received by a non-resident from sources within Cyprus are liable to 10% withholding tax. However, if a Cyprus company is granted the right to use a patent, trademark or innovation outside Cyprus, then there is no withholding tax and the Cyprus company is taxed at the corporate tax rate on the profit margin that it realises on the use of the right. 18

21 Aspects of Cyprus Tax Other provisions of the Cyprus Tax Law Treatment of tax losses Taxable losses incurred during a tax year which cannot be set-off against other income of the same tax year are carried forward indefinitely and set-off against future profits. This provision is applicable for losses arising from the year 1997 onwards. Taxable losses cannot be carried forward if there is a change in the ownership of the company and a significant change in the nature of business within three years from the year in which the loss arose. Group relief The taxable losses of any company may be set-off against the taxable profits of another company in the same group provided that the two companies are members of the same group for the whole year and are both tax residents of Cyprus. For the purpose of group relief, a company is deemed to be a member of the same tax group if (a) it is 75% subsidiary of another company, or (b) both are 75% subsidiaries of a third company Reorganisations Any profits arising on the transfer of assets and liabilities between companies during a reorganisation plan are tax-free. A reorganisation plan includes mergers of companies, demergers, transfer of activities or exchange of shares. Inheritance or estate taxes There are no inheritance, estate or other taxes on shares held in a Cyprus company. Wealth taxes Cyprus imposes no taxes on wealth and it is not anticipated it shall do so in the years to come. Thin capitalisation rules There are no thin capitalisation rules in the Cyprus tax legislation. Caution needs to be exercised in relation to interest deductions in 19

22 Aspects of Cyprus Tax respect of loans used for the purchase of assets not used in business as such interest is disallowed. Transfer pricing There are no transfer pricing rules in Cyprus but a provision in the Cyprus Tax Law, requires transactions to be based on an "arm's length" principle. Cyprus legislation incorporates the OECD model and pertinent guidelines to determine what an arm s length transaction is. International Business Companies (IBCs) established prior to 2002 IBCs and international branches incorporated prior to 1 January 2002 and which had activities during 2001 are entitled to elect to be taxed at 4,25% on profits for the tax years 2003, 2004 and Those making the election are taxed irrespective of whether or not their place of management and control is in Cyprus. Such companies are not subject to defence tax on interest but the following exemptions are not applicable 50% exemption from tax of interest income exemption from tax of dividend income (other than dividends from other IBCs) exemption from tax of profit from disposal of securities group relief of losses between group companies tax exemptions on reorganisations credit of foreign taxes in the absence of double tax treaty Losses accumulated until the year 2000 can only be set off against the profits until the year 2005 and losses from the year 2001 onwards are carried forward without any restrictions. 20

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24 Personal Income Tax Basis Income tax is imposed on every tax resident of Cyprus on his or her worldwide income. Non-tax residents of Cyprus are only taxed on their income accrued or derived from sources in Cyprus. Tax resident is any person, irrespective of nationality, who spends more than 183 days in aggregate in Cyprus in any year of assessment. Tax rates Chargeable income Tax rate Accumulated tax Cí % Cí over Foreign pension is taxed at the rate of 5%. An annual exemption of Cí2.000 is allowed. Exemptions The following types of income are exempt from taxation Type of income Interest income Dividend income Remuneration from salaried services in Cyprus by an individual who was not resident of Cyprus immediately before the commencement of his employment in Cyprus Remuneration from salaried services rendered outside Cyprus for a period of more than 90 days in any year of assessment Profits of a permanent establishment abroad Exemption limit The whole amount The whole amount 20% of income with a maximum amount of Cí5.000 annually for three years The whole amount The whole amount (under certain conditions) 22

25 Personal Income Tax Type of income (cont d) Lump sum received by way of retiring gratuity, computation of pension or compensation for death or injuries Capital sums accruing to individuals from any payments to approved funds Deposits with Housing Finance Corporations until 30 April 2003 Profit from the sale of securities Widow pension Exemption limit The whole amount The whole amount 40% on the amount deposited with maximum deduction 25% of the person s total income The whole amount The whole amount Tax deductions The following amounts are deducted from chargeable income Type of expense Professional subscriptions or contributions to trade unions Expenses for rented property Interest payable in respect of rented property Donations to approved charitable organisations Expenditure incurred for the maintenance of a building in respect of which there is in force a Preservation Order Social Insurance, provident fund, medical fund, pension fund contributions and life insurance premiums (the allowable annual life insurance premium is restricted to 7% of the insured amount) Exemption limit The whole amount 20% of rental income The whole amount The whole amount (supported by receipts) Up to Cí200, Cí300 or Cí350 per square meter based on the size of the building Up to 1/6 of the chargeable income 23

26 Personal Income Tax Social grants Grant of Cí1.500 per annum for every child receiving full time higher education in Cyprus (subject to certain restrictions) or full time university education outside Cyprus Grant of Cí1.800 per annum for blind persons All families resident in Cyprus fulfilling the provisions of the Law are entitled to a basic child grant, whereas under certain circumstances an additional child grant is provided. The amount of the grant is based on the number of children and the total family income 24

27 Corporation Tax Basis Corporation tax is imposed on every legal person which is a tax resident of Cyprus. A company is considered to be a tax resident of Cyprus whether incorporated in Cyprus or elsewhere, if it is managed and controlled in Cyprus. Non-tax residents of Cyprus are only taxed on their income that is accrued or derived from a business activity which is carried out from a permanent establishment in Cyprus. Tax rates % Semi-government organisations 25 Other companies 10 Exemptions The following types of income are exempt from taxation Type of income Exemption limit Profit from the sale of securities The whole amount Dividends The whole amount Interest received from investment activities 50% Profits of a permanent establishment abroad The whole amount (under certain conditions) Deductions The following amounts are deducted from the chargeable income Type of expense All expenses incurred wholly and exclusively for the purpose of trading Donations to approved charities Employer's contributions to social insurance and approved funds on employees' salaries Limit of deduction The whole amount The whole amount (with receipts) The whole amount 25

28 Corporation Tax Type of expense (cont d) Any expenditure incurred for the maintenance of a building in respect of which there is a Preservation Order Entertainment expenses for business purposes Limit of deduction Up to Cí200, Cí300 or Cí350 per square meter (depending on the size of the building) 1% of the gross income with maximum amount of Cí Losses carried forward Taxable losses incurred during a tax year which cannot be set-off against any other income of the same tax year are carried forward unlimited and set-off against future profits. This provision is applicable for losses incurred from tax year 1997 onwards. Taxable losses cannot be carried forward in cases where there is a change in the ownership of the company and significant change in the nature of business, within three years from the year in which the loss was incurred. Taxable losses incurred from a permanent establishment abroad can be set-off against any other profits incurred in Cyprus within the same tax year. In the case where a sole trader or a partnership convert their business into a limited liability company then any taxable losses incurred prior to the formation of the company may be carried forward to the company. The setting-off of taxable losses between companies of the same group for tax purposes is allowed in respect of profits of the same year provided that the two companies are members of the same group for the whole of the year and are both tax residents of Cyprus. A company is deemed to be a member of the same tax group if (a) (b) it is 75% subsidiary of another company, or both are 75% subsidiaries of a third company 26

29 Corporation Tax Reorganisations Any profits arising on the transfer of assets and liabilities between companies during a reorganisation plan are completely free of tax. A reorganisation plan includes mergers of companies, demergers, transfer of activities or exchange of shares. International Business Companies (IBCs) IBCs and international branches up to the year 2002 irrespective of the place of management and control, are taxed at the rate of 4,25% on profits. As from 1 January 2003, IBCs whose management and control is exercised from Cyprus are subject to taxation like every other company in Cyprus, at the rate of 10%. Transitional period rules IBCs and international branches are entitled to elect to be taxed with the transitional period rules for the tax years 2003, 2004 and 2005 provided that during the tax year ended on 31 December 2001 they had income from sources outside Cyprus or they had activities during 2001 which resulted to income at a later stage. During the transitional period the tax rate is 4,25% and the following provisions do not apply 50% exemption from tax of interest income exemption from tax of dividend income (other than dividends from other IBCs) exemption from tax of profit from disposal of securities group relief of losses between group companies tax exemptions on reorganisations credit of foreign taxes in the absence of double tax treaty exemption of profits accruing from a permanent establishment abroad Losses accumulated up to the year 2000 can only be set off against the profits until the year 2005 and losses from the year 2001 onwards are carried forward without restrictions. During the transitional period the provisions of the special contribution defence tax are not applicable 27

30 Corporation Tax Capital Allowances The following allowances which are given as a percentage on the cost of acquisition are deducted from the chargeable income Plant and Machinery % Plant and Machinery 10 Furniture and fittings 10 Televisions and videos 10 Boreholes 10 Machinery and tools used in an agricultural business 15 Computer hardware and operating systems 20 Application software 33 1/3 Expenditure on application software less than Cí Commercial motor vehicles 20 Motor cycles 20 Excavators, tractors, bulldozers, self-propelled loaders and drums for petrol companies 25 Buildings Commercial buildings 3 Industrial, agricultural and hotel buildings 4 Flats 3 Metallic greenhouse structures 10 Wooden greenhouse structures 33 1/3 Boats Sailing vessels 4,5 Steamers, tugs and fishing boats 6 New cargo vessels 8 New passenger vessels 6 Used cargo/passenger vessels Over their remaining useful lives Tools Tools in general 33 1/3 Video tapes 50 28

31 Special Types of Taxation Shipping companies No tax is payable on the profits earned or dividends paid by a Cyprus shipping company which owns ships under the Cyprus flag and operates in international waters or on the salaries of officers and crew of such ships. Ship management companies Local or international ship management businesses and crew management businesses have the option to be taxed either at the rate of 4,25% on profits or at rates equal to 25% of the rates used to calculate the tonnage tax of vessels under management which are registered outside Cyprus. Insurance companies Profits of insurance companies are liable to corporation tax similar to all other companies except in the case where the corporation tax payable on the taxable profits of the life insurance business is less than 1,5% of gross premium, then the difference is paid as additional corporation tax. International Collective Investment Schemes (ICIS) The sole object of an ICIS is the collective investment of funds of its unit holders. An ICIS can take one of the following legal forms International fixed capital company International variable capital company International unit trust scheme International investment limited partnership ICIS are liable to corporation tax similar to all other legal entities depending on the legal status of the ICIS Royalty income The gross amount of any royalty, premium, compensation or other income derived from sources within Cyprus by any person not being a tax resident, is subject to withholding tax at the rate of 10%. 29

32 Special Types of Taxation Film rental The gross amount of any rental in respect of the showing of cinematograph films in Cyprus derived by any person who is not a tax resident, is subject to a 5% withholding tax. Income from profession or vocation The gross income derived by an individual not resident in Cyprus, from the exercise in Cyprus of a profession or vocation or of public entertainers including football clubs and other athletic clubs is subject to a 10% withholding tax. 30

33 Special Contribution for Defence Basis Special contribution for defence is only imposed on Cyprus tax residents on the following types of income Tax rates Type of income Individuals Legal entities % % Dividend income from Cyprus resident companies 15 Nil Dividend income from non-cyprus resident companies 15 Nil (Note) Interest income earned from investment activities Interest income earned from the ordinary activities or closely related to the ordinary activities of the business Nil Nil Interest income accruing to provident fund N/A 3 Interest income earned from saving certificates and development stocks issued by the government 3 10 Rental income (reduced by 25%) 3 3 Profits of semi-government organisations N/A 3 Note Dividend income from abroad is exempt from defence fund contribution provided that the company receiving the dividend owns at least 1% of the company paying the dividend. This exemption does not apply if (a) more than 50% of the paying company's activities result directly or indirectly in investment income, and (b) the foreign tax is significantly lower than the tax rate payable in Cyprus 31

34 Special Contribution for Defence Refund In the case where the total income of an individual does not exceed Cí7.000 in a taxable year, tax imposed over and above the 3% is refunded. Credit against foreign tax withheld Any foreign tax paid on income that is subject to defence tax can be credited against the special contribution for defence tax, irrespective of the existence of a double taxation treaty. Deemed dividend distribution Tax resident companies not distributing a dividend within two years from the end of the tax year are liable to 15% defence tax on 70% of their accounting profits, after the deduction of the corporation tax liability. If dividend is distributed after two years, then defence tax is charged on the amount which exceeds the deemed distribution. Profits attributable to non-tax residents are not subject to the deemed distribution. Reduction of capital In the case of a capital reduction any amounts refundable to the shareholders up to the amount of the undistributed chargeable income of any year arrived at before the deduction of losses brought forward shall be deemed as distributed and shall be subject to defence tax at the rate of 15% (after deducting any amounts deemed as distributed). Company dissolution Retained profits for the last five years prior to the date of the dissolution which have not been distributed or deemed to have been distributed, shall be considered as distributed and be subject to special contribution for defence tax at the rate of 15%. Due dates of payment The special contribution for defence tax which is not deducted at source is payable semi-annually on 30 June and 31 December. Defence tax deducted at source is payable at the end of the ensuing month. 32

35 Special Contribution for Defence Exemptions International Business Companies (IBCs) electing to be taxed at the rate of 4,25% for the years 2003, 2004, 2005 will not be subject to special contribution for defence tax on any income arising in any of the three years. Dividends received from companies net of 20% withholding tax under the legislation that was in force up to 31 December 2002 and not distributed as dividends up to 31 December 2002, can be distributed within six years from the date of their receipt without any further tax deduction. 33

36 Capital Gains Tax Basis Capital Gains Tax (CGT) is imposed at the rate of 20% on gains from the disposal of immovable property situated in Cyprus including gains from the disposal of shares in companies which own immovable property in Cyprus and not listed in any recognised Stock Exchange. Determination of capital gain The capital gain is calculated after deducting from the selling price the initial acquisition cost or the market value as at 1 January 1980 whichever is the higher, inflated by the retail price index in Cyprus. Exemptions The following disposals of immovable property are not subject to CGT transfer arising on death gift made from parent to child or between husband and wife or between up to third degree relatives gift to a company where the company's shareholders are members of the donor's family and the shareholders continue to be members of the family for five years after the day of the transfer gift by a family company to its shareholders, provided such property was originally acquired by the company by way of donation. The property must be kept by the donee for at least three years gift to charities and the Government transfer as a result of reorganisations exchange or disposal of immovable property under the Agricultural Land (Consolidation) Laws expropriations exchange of property where the market value of the property exchanged is equal 34

37 Capital Gains Tax Deductions The following deductions exist for individuals Cí sale of own residence (under certain conditions) sale of agricultural land by a farmer other sales The above exemptions are granted only once for each taxpayer and not for each sale. Any person claiming a combination of the above is allowed a maximum of Cí Estate Duty Estate Duty was abolished in The executor/administrator of the estate of the deceased is required by the Deceased Persons Estate Law to submit to the Tax Authorities a statement of assets and liabilities of the deceased within six months from the date of death. 35

38 Immovable Property Tax Immovable Property Tax is imposed on the market value as at 1 January 1980 and applies to the immovable property owned by the taxpayer on 1 January of each year. The immovable property tax is payable on 30 September of each year. The immovable property tax is imposed on both individuals and legal persons. Tax rates Property value Rate Accumulated tax Cí % Cí Up to , , Over Transfer Fees Transfer Fees are levied by the Department of Land and Surveys for transfers of immovable property. Rates applying from 19 March 1999 Value Rate Accumulated fees Cí % Cí Up to Over In the case of property transferred to a family company, transfer fees are refundable after five years if the property remains with the company and the shareholders remain the same. In the case of company reorganisations transfers of immovable property are not subject to transfer fees by the Department of Land and Surveys. In case of property transferred from a family company to one of the two spouses or their children or to a relative up to third degree relation, the transfer fees are calculated on the value of the property on the title deed, as follows transfer to a spouse 8% transfer to a child 4% transfer to a relative up to third degree 8% The following rates are applicable in the case of free transfers parents to children 4% between spouses 8% between relatives up to third degree 8% 36

39 Social Insurance Salaried contributions % Employee contributions - Social insurance 6,3 Employer contributions - Social insurance 6,3 - Social cohesion fund 2 - Redundancy fund 1,2 - Industrial fund 0,5 - Holiday fund (if not exempted) 8 The maximum level of annual income on which social insurance contributions are paid on, is as follows Cí Weekly employees Monthly employees Social cohesion fund payable by employer is calculated on the total gross emoluments without any restriction and/or maximum level. Self-employed persons The contributions of self-employed persons are 11,6 per cent of income. The lower limits of income on which self-employed persons pay social insurance contributions are Cí Wholesalers, estate agents, insurance agents, industrialists and other businessmen Persons exercising a profession for over ten years Persons exercising a profession for under ten years

40 Social Insurance Builders and related work Technicians working in urban areas Transport drivers, excavator drivers and other related activities Other persons working in urban areas Other persons working in farming areas

41 Stamp Duty Nature of document Receipt - for sums of Cí2 - Cí20 2 cents Receipt - for sums over Cí20 4 cents Cheque 3 cents Letter of credit Cí1 Bill of exchange 50 cents Contract - up to Cí Cí1,5 per thousand - over Cí Cí2 per thousand - without fixed sum Cí20 Customer declaration document Cí10 Cí20 Bill of lading Cí2 Charterparty Cí10 Power of attorney - general Cí3 - limited Cí1 Certified copy of contracts and documents Cí1 Will Cí10 Estate administration document Cí5 Registrar of Companies fees Incorporation of a limited liability company Increase in the share capital of a private company Filing of Annual Return Cí60 plus 0.6% on authorised share capital 0.6% on the additional amount of the increase Cí7 No stamp duty is payable on company reorganisations. 39

42 Value Added Tax Basis Value Added Tax (VAT) is imposed on the provision of goods and services in Cyprus and on the importation of goods into Cyprus, at the following rates zero rate (0%) reduced rate (5%) from 1 July 2000 standard rate (15%) from 1 January 2003 Zero rate Supply of goods and services to other EU member states Exports Food Commissions received from abroad for import-export of goods Medicines International air and sea transport Reduced rate Hotel accommodation fees Supply of goods made in the course of catering (except alcoholic drinks) Supply of fertilisers, animal feeding products and seeds Supply of live animals for human consumption Newspapers and magazines Books Non-bottled water Liquid gas Transfer of persons on a rural or city bus Various goods for the use of handicapped persons Ice cream and similar products Funeral services and supply of coffins 40

43 Value Added Tax Road sweeping, garbage collection and recycling Services of authors, composers and artists Sales of buildings for which the application for a planning permission was filed after 1 May 2004 are subject to VAT at the standard rate. The sale of buildings which will be used as first residence is subject to VAT at the reduced rate. Exemptions The following services are exempt from VAT Rents Medical services Insurance and financial services Educational services Registration Registration is compulsory for businesses with turnover in excess of Cí9.000 in a year or with an expected turnover in excess of Cí9.000 in a period of thirty days following. Businesses with less than this turnover have the option to register only if they so elect. A person who has a business establishment in Cyprus or the usual place of residence/place of incorporation is in Cyprus that provides supplies (goods or services) only outside Cyprus, has the right to register for VAT and thus recover all the VAT incurred on his/her expenses, provided that these supplies would have been taxable in Cyprus had they been provided in Cyprus. Exempt goods and services and transactions of capital nature are not taken into consideration when determining the annual turnover for registration purposes. International Business Companies (IBCs) As from 1 February 2002, IBCs operate under the same regime as any other local entity and, consequently, they have to conform to the VAT regulations. Their operations, however, are outside the scope of VAT because their business affairs are carried on outside Cyprus. If there is no obligation to register there is the option of voluntary registration, which means that 41

44 Value Added Tax no VAT is levied on the income of the entity VAT charged by Cypriot suppliers is refunded Intra-community trade Following the accession of Cyprus to the EU on 1 May 2004, the VAT input on the import of goods from EU states is now abolished. Intra-community trading between businesses registered for VAT in EU member states is zero rated with the exception of trading in new means of transport, goods subject to special excise duties, trading with businesses that are not registered for VAT and distance sales. 42

45 Trusts A trust is established by an individual the Settlor and is a means whereby property the Trust Property is held by one or more persons the Trustees for the benefit of another or others the Beneficiaries or for specified purposes. Trusts have traditionally been very important tax planning devices. Even today a very high proportion of tax saving structures involve trusts. International trusts International trusts are governed by the International Trusts Law of Cyprus. International trusts are not taxed in Cyprus. In fact, Cyprus international trusts enjoy important tax advantages, providing significant tax planning possibilities. The following advantages are indicative of the possible options for tax minimisation All income, whether trading or otherwise, of an international trust (i.e. a trust whose property is located and income is derived from outside Cyprus) is not taxable in Cyprus Dividends, interest or other income received by a trust from a Cyprus international business company are neither taxable nor subject to withholding tax Gains on the disposal of the assets of an international trust are not subject to capital gains tax in Cyprus An alien who creates an international trust in Cyprus and retires in Cyprus is still exempt from tax if all the property settled and the income is abroad, even if he is a beneficiary The assets of an international trust are not subject to estate duty in Cyprus Trusts are usually used by wealthy individuals for the purpose of protecting their estate from inheritance or capital gains taxes in their home country. They can also be used by expatriates settling into a trust before repatriating assets acquired while working abroad, to protect such assets from the tax net of their home country 43

46 Due Dates of Tax Payments and Penalties Tax Due Date Penalties Income Tax 1/8 of the year following the year of assesment For on time submision, 9% interest annually. For late submission 5% penalty and 9% interest annually Temporary tax 1/8, 30/9 and 31/12 of the year of assessment PAYE End of the following month On time submission, 9% interest annually 9% interest from the due date and penalty of 1% per month up to a max of 11% Defence tax End of next month 9% interest from the due date VAT 40 days following the end of the quarter For late submission Cí30 for every month in default, 10% penalty on the amount due and 9% annual interest 44

47 BDO Philippides At BDO Philippides Chartered Accountants we are committed to a long-term productive relationship of mutual trust with our clients. We pride ourselves on our independence but we recognise that our clients are the foundations of our business. We help clients meet the challenges posed by an increasingly complex business environment and the globalising economy. Our philosophy is to tailor the depth of our resources to match each client s needs. Our firm was established back in 1985 and is ranked amongst the island s largest providers of professional services. We have a presence in the key business cities - Nicosia (our head office), Limassol and Paphos - employing 80 people. Our firm has placed particular emphasis on serving international and foreign clients. We work with different types of clients - the public company, the medium-sized company, the young business, the professional firm, the private individual. To each we offer all the expertise at our disposal. We are committed to providing quality services with a genuine personal commitment to their future success. Each client has a responsible partner whose principal responsibility is to ensure that the service we provide is of the highest standard and that appropriate systems for reviewing and monitoring the client work are established. Our internal system of quality controls and procedures is designed to ensure that we provide high quality services at affordable prices relevant and practical advice based on knowledge and awareness of our client s specific business needs ready access to partners who are friendly and approachable flexibility and willingness to adapt to changing circumstances and commercial realities goal-orientated approach where advice and work done is designed to meet specific goals and requirements making the BDO International network available to our clients for their global needs and expansion 45

48 BDO Philippides Our professional services include Assurance and Audit Accounting Tax and Legal Business Services Consulting Corporate Finance Internal Audit and Risk Management Corporate and Trust Our contact details Nicosia Partners and principal George A Philippides [email protected] Karlos A Zangoulos [email protected] Christos A Photiades [email protected] Christos H Meraclis [email protected] Address 70 JF Kennedy Avenue Papabasiliou House POBox 27007, 1641 Nicosia Cyprus Tel Fax [email protected] Limassol Partner Rois M Potamitis [email protected] Address 146 Arch. Makarios III Avenue Alpha House, 4th Floor POBox 51681, 3507 Limassol Cyprus Tel Fax [email protected] 46

49 BDO International BDO International is a worldwide network of public accounting firms, called BDO Member Firms, serving international clients. Each BDO Member Firm is an independent legal entity in its own country. The BDO International network was founded in Europe some 40 years ago when forward-thinking accountancy firms from the UK, Germany, the Netherlands, USA and Canada joined to form the Binder Seidman International Group. Ten years later, the European Member Firms took on the common name of Binder Dijker Otte & Co: BDO. The current world wide structure was put in place in 1988 including the implementation of the BDO corporate identity. BDO International ranks as the 5th largest international accounting network in the world and is by far the largest of the mid-tier groups. It is present in 110 countries with approximately 620 offices world wide employing over professionals. Revenues of BDO Member Firms exceeded US$3 billion during BDO International serves growth-orientated, owner-managed businesses with expanding international requirements, governments, institutions, non-profit organisations. Additionally and increasingly, BDO Member Firms are winning assignments with prestigious, multinational clients and the larger privately-owned companies. BDO International s growth is significant and indicative of its unique position in the market. It is the international accounting network that combines the flexibility, specialist expertise, closeness and personal service of a local firm, together with all the capabilities, network and strength of the large scale, global players. It aims to transcend the market, offering the best of both worlds: quality service with global recognition. The client base of BDO International is represented by companies operating in diverse industries and includes transnational corporations and leading international financial institutions. 47

50 Ô Ì ÛÙÈÎfi ÙË ÂappleÈÙ Â Ó È Ó ÁÓˆÚ ÂÈ Î ÙÈ appleô ÂÓ ÙÔ Í ÚÂÈ ÏÏÔ ÚÈÛÙÔÙ ÏË øó ÛÛË

51 K appleúô º ƒ π πã π πô ÏÈÔ 2005 BDO Philippides Chartered Accountants

52 ÂÚÈ fiìâó ºÔÚÔÏÔÁ º ÛÈÎÒÓ ÚÔÛÒappleˆÓ 52 Ù ÈÚÈÎfi ºfiÚÔ 55 È ÈÎÔ ÚfiappleÔÈ ºÔÚÔÏÔÁ 60 ŒÎÙ ÎÙË Ì ÓÙÈÎ ÈÛÊÔÚ 62 ºfiÚÔ ÂÊ Ï ÈÔ ÈÎÒÓ ÂÚ ÒÓ 65 ºfiÚÔ ÏËÚÔÓÔÌÈ 66 ºfiÚÔ Î ÓËÙË π ÈÔÎÙËÛ 67 ªÂÙ È ÛÙÈÎ ÙËÌ ÙÔÏÔÁ Ô 67 ÔÈÓˆÓÈÎ ÛÊ Ï ÛÂÈ 68 à ÚÙfiÛËÌ 70 ºfiÚÔ ÚÔÛÙÈı ÌÂÓË Í 71 ÌappleÈÛÙÂ Ì Ù 74 ÌÊˆÓ Â appleôê Á ÈappleÏ ºÔÚÔÏÔÁ 76 ÏËÚˆÌ ºfiÚˆÓ Î È appleè Ú ÓÛÂÈ 78 BDO Philippides 79 50

53 ÚfiÏÔÁÔ Ô apple ÚfiÓ ÂÓËÌÂÚˆÙÈÎfi ÂÏÙ Ô ÂÈ ÂÙÔÈÌ ÛÙ ÁÈ ÙËÓ apple ÚÔ appleïëúôêôúèòó Û ÂÙÈÎ Ì ÙÔ appleúè Îfi ÊÔÚÔÏÔÁÈÎfi Î ıâûùò. È ÊÔÚÔÏÔÁÈÎ appleïëúôêôú  ÓÙ Ó ÎÏÔ Ó ÙÔÓ ºÔÚÔÏÔÁÈÎfi fiìô Î È ÙËÓ ÂÊ ÚÌÔÁ ÙÔ ÛÙËÓ appleúô Î Ù ÙÔÓ πô ÏÈÔ Ô ÂÏÙ Ô ÂÓ appleôùâïâ ÏÂappleÙÔÌÂÚ Ô ËÁfi ÙË appleúè Î ÊÔÚÔÏÔÁ. Œ ÂÈ ÂÙÔÈÌ ÛÙ ˆ ÁÂÓÈÎfi Ô ËÁfi, ÂappleÔÌ Óˆ Û ÓÈÛÙ Ù È fiappleˆ ÚËÛÈÌÔappleÔÈÂ Ù È ˆ appleëá ÁÂÓÈÎ appleïëúôêfiúëûë ÌfiÓÔ. appleúô ÂÈ È ÊÔÚÔappleÔÈ ÛÂÈ ÙËÓ ÂÍ ÏÈÍË ÙË applefi ÏÏ ÚËÌ ÙÔÔÈÎÔÓÔÌÈÎ Î ÓÙÚ. ÂÓ appleôùâïâ ÊÔÚÔÏÔÁÈÎfi Î Ù Ê ÁÈÔ, ÓÙÈı Ùˆ appleúôûê ÚÂÙ È ˆ ÌÈ ÂÍÂÏÈÁÌ ÓË, Ì ÊÔÚÔÏÔÁÈÎ Î ÓËÙÚ ÒÚ Î È ÌÂ Ó Â Ú ÎÙ Ô Â ÓÔ ÎÒÓ È ÎÚ ÙÈÎÒÓ ÊÔÚÔÏÔÁÈÎÒÓ Û ÌʈÓÈÒÓ. Ì ÛÙ ÛÙËÓ È ıâûë Û ÁÈ ÔappleÔÈÂÛ appleôùâ appleâú ÈÙ Úˆ appleïëúôêôú  ÚÂÈ ÛÙ ÙÂ. BDO Philippides Chartered Accountants ÂappleÙ Ì ÚÈÔ

54 ºÔÚÔÏÔÁ º ÛÈÎÒÓ ÚÔÛÒappleˆÓ appleè ÔÏ ÊfiÚÔ ºfiÚÔ ÈÛÔ Ì ÙÔ ÂappleÈ ÏÏÂÙ È Û Πıâ ÊÔÚÔÏÔÁÈÎfi Î ÙÔÈÎÔ appleúô Û fiïô ÙÔ ÂÈÛfi ËÌ ÙÔ appleô appleúôî appleùâè ÎÙ Ù È ÙfiÛÔ ÛÙËÓ appleúô fiûô Î È ÛÙÔ Â͈ÙÂÚÈÎfi. ªË ÊÔÚÔÏÔÁÈÎÔ Î ÙÔÈÎÔÈ appleúô ÊÔÚÔÏÔÁÔ ÓÙ È ÌfiÓÔ ÛÙÔ ÂÈÛfi ËÌ ÙÔ appleô appleúôî appleùâè ÎÙ Ù È ÂÓÙfi appleúô. ºÔÚÔÏÔÁÈÎfi Î ÙÔÈÎÔ appleúô ıâˆúâ Ù È ÔappleÔÈÔ appleôùâ Ê ÛÈÎfi appleúfiûˆappleô, appleúè Î / Î È Í ÓË appleëîôfiùëù, Ô ÔappleÔ Ô È Ì ÓÂÈ ÛÙË appleúô ÁÈ appleâú Ô Ô appleô appleâú ÓÂÈ ÛÙÔ Û ÓÔÏÔ ÙË ÙÈ 183 ËÌ Ú ÛÙÔ ÊÔÚÔÏÔÁÈÎfi ÙÔ. ÓÙÂÏÂÛÙ ºÔÚÔÏÔÁËÙ Ô ÛÛˆÚÂ Ì ÓÔ ÂÈÛfi ËÌ ÓÙÂÏÂÛÙ ÊfiÚÔ í % í ÕÓˆ ÙˆÓ ÓÙ ÍË ÙÔ Â͈ÙÂÚÈÎÔ ÊÔÚÔÏÔÁÂ Ù È ÌÂ Û ÓÙÂÏÂÛÙ 5%. Ú ˆÚÂ Ù È apple ÏÏ Á í2.000 ÂÙËÛ ˆ. apple ÏÏ Á appleèô Î Ùˆ ÂÈÛÔ Ì Ù apple ÏÏ ÛÛÔÓÙ È applefi ÙËÓ ÂappleÈ ÔÏ ÊfiÚÔ ÂÈÛÔ Ì ÙÔ ÈÛÔ Ì Ù fiîôè ªÂÚ ÛÌ Ù appleôï applefi ÌÌÈÛıË ÂÚÁÔ fiùëûë ÛÙËÓ appleúô appleô Ì Ûˆ appleúèó ÙËÓ ÂÚÁÔ fiùëûë ÂÓ Ù Ó ÌfiÓÈÌÔ Î ÙÔÈÎÔ appleúô appleôï applefi ÌÌÈÛıË ÂÚÁÔ fiùëûë ÛÙÔ Â͈ÙÂÚÈÎfi ÁÈ Û ÓÔÏÈÎ appleâú Ô Ô apple Ú Ó ÙˆÓ 90 ËÌÂÚÒÓ ÛÙÔ ÊÔÚÔÏÔÁÈÎfi ÙÔ Ú Ë applefi ÌfiÓÈÌË ÂÁÎ Ù ÛÙ ÛË ÛÙÔ Â͈ÙÂÚÈÎfi ŸÚÈÔ apple ÏÏ Á ŸÏÔÈ ŸÏ 20% ÙË ÌÔÈ Ì ÚÈ ÓÒÙ ÙÔ appleôûfi í5.000 ÁÈ ÙÚ ÙË ŸÏ ŸÏ (Ì appleúô appleôı ÛÂÈ ) 52

55 ºÔÚÔÏÔÁ º ÛÈÎÒÓ ÚÔÛÒappleˆÓ ÈÛÔ Ì Ù ( Ó ÂÈ ) ŸÚÈÔ apple ÏÏ Á Ê apple Í appleôûfi appleô Ï Ì ÓÂÙ È ÏfiÁˆ ŸÏÔ Ê appleëú ÙËÛË, ÌÂÙ ÙÚÔapple Û Ó٠͈ ı Ó ÙÔ Û Ó ÊÈÏÔ ÒÚËÌ ÏfiÁˆ ı Ó ÙÔ ÂÊ Ï ÈÔ appleô Ï Ì ÓÂÙ È applefi Û ÛÛˆÚÂ Ì Ó appleïëúˆì ÛÊ Ï ÛÙÚˆÓ Û ÓÂÈÛÊÔÚÒÓ Û ÂÁÎÂÎÚÈÌ Ó Ù Ì ٠ı ÛÂÈ ÛÙÔÓ ÚÁ ÓÈÛÌfi ÃÚËÌ ÙÔ ÔÙ Ûˆ Ù ÁË ÁÈ Û È appleô Ù Ó Û ÈÛ Î Ù ÙËÓ 30/4/2003. ŸÏÔ 40% ÙˆÓ Î Ù ı ÛÂˆÓ Ì ÓÒÙ ÙÔ appleôûfi 25% ÙÔ ÔÏÈÎÔ ÂÈÛÔ Ì ÙÔ ŸÏÔ ŸÏË Ú Ô applefi È ıâûë Ù ÙÏˆÓ ÓÙ ÍË ËÚÂ Ê ÈÚ ÛÂÈ appleèô Î Ùˆ appleôû Ê ÈÚÔ ÓÙ È applefi ÙÔ ÊÔÚÔÏÔÁËÙ Ô ÂÈÛfi ËÌ ŒÍÔ Ô ŸÚÈÔ apple ÏÏ Á Ó ÚÔÌ ÛÂ Û ÓÙÂ Ó Â Âapple ÁÁÂÏÌ ÙÈÎÔ Û Ó ÛÌÔ ŒÍÔ ÁÈ ÂÓÔÈÎÈ fiìâó ÎÙ ÚÈ fiîôè ÂÓÔÈÎÈ fiìâóô ÎÙÈÚ Ô ˆÚ Û ÂÁÎÂÎÚÈÌ Ó ÊÈÏ ÓıÚˆappleÈÎ È Ú Ì Ù apple Ó ÁÈ Û ÓÙ ÚËÛË È ÙËÚËÙ ÔÈÎÔ ÔÌ ÌÂ È Ù ÁÌ È Ù ÚËÛË È ÛÊ ÏÈÛÙÚ ˆ, Û ÓÂÈÛÊÔÚ ÎÔÈÓˆÓÈÎÒÓ ÛÊ Ï ÛˆÓ, Ù Ì ˆÓ Û Ó٠͈, Ù Ì ˆÓ appleúôóô Î È Û Â ˆÓ È ÙÚÔÊ ÚÌ Î ÙÈÎ appleâú ı Ï Ë (Ù ÂÙ ÛÈ ÛÊ ÏÈÛÙÚ appleâúèôú ÔÓÙ È ÛÙÔ 7% ÙÔ ÛÊ ÏÈ fiìâóô appleôûô ) ŸÏ 20% ÙˆÓ ÂÓÔÈÎ ˆÓ ŸÏÔÈ ŸÏ (Ì appleô  ÍÂÈ ) ª ÚÈ í200, í300 í350 Ó Ù.Ì. ( Ó ÏÔÁ Ì ÙÔ Ì ÁÂıÔ ÙË ÔÈÎÔ ÔÌ ) ŸÏÂ Ì ÚÈ 1/6 ÙÔ ÊÔÚÔÏÔÁËÙ Ô ÂÈÛÔ Ì ÙÔ 53

56 ºÔÚÔÏÔÁ º ÛÈÎÒÓ ÚÔÛÒappleˆÓ ÔÈÓˆÓÈÎ apple ÚÔ apple ÔÌ Ô í1.500 ÂÙËÛ ˆ ÁÈ Î ıâ apple È appleô ÊÔÈÙ ÛÂ Û ÔÏ ÙÚÈÙÔ ıìè ÂÎapple  ÛË ÛÙËÓ appleúô ( applefi appleâúèôúèûìô ) Û apple ÓÂappleÈÛÙ ÌÈÔ ÙÔ Â͈ÙÂÚÈÎÔ apple ÔÌ Ô í1.800 ÂÙËÛ ˆ Û Πıâ Ù ÊÏfi appleúfiûˆappleô  ÔÈÎÔÁ ÓÂÈ appleô Ô Ó ÙË Û Ó ıë È ÌÔÓ ÙÔ ÛÙËÓ appleúô apple Ú ˆÚÂ Ù È ÛÈÎfi Âapple ÔÌ Ù ÎÓÔ, ÂÓÒ Î Ùˆ applefi Î appleôèâ appleúô appleôı ÛÂÈ apple Ú ˆÚÂ Ù È Î È appleúfiûıâùô Âapple ÔÌ Ù ÎÓÔ. Ô Ô ÙˆÓ ÂappleÈ ÔÌ ÙˆÓ ÂÍ ÚÙ Ù È applefi ÙÔÓ ÚÈıÌfi Ù ÎÓˆÓ Ó ÔÈÎÔÁ ÓÂÈ ÛÂ Û ÛË Ì ÙÔ Û ÓÔÏÈÎfi ÔÈÎÔÁÂÓÂÈ Îfi ÂÈÛfi ËÌ 54

57 Ù ÈÚÈÎfi ºfiÚÔ appleè ÔÏ ÊfiÚÔ Ù ÈÚÈÎfi ºfiÚÔ ÂappleÈ ÏÏÂÙ È Û Πıâ ÂÙ ÈÚÂ Ë ÔappleÔ Â Ó È ÊÔÚÔÏÔÁÈÎfi Î ÙÔÈÎÔ appleúô. ºÔÚÔÏÔÁÈÎfi Î ÙÔÈÎÔ appleúô ıâˆúâ Ù È ÔappleÔÈ appleôùâ ÂÙ ÈÚÂ, ÂÁÁÂÁÚ ÌÌ ÓË ÛÙËÓ appleúô ÛÙÔ Â͈ÙÂÚÈÎfi, Ë È ı ÓÛË Î È Ô ÏÂÁ Ô ÙË ÔappleÔ ÛÎÂ Ù È ÛÙËÓ appleúô. Ù ÈÚ  ÌË ÊÔÚÔÏÔÁÈÎÔ Î ÙÔÈÎÔÈ appleúô ÊÔÚÔÏÔÁÔ ÓÙ È ÌfiÓÔ Âapple ÙˆÓ ÂÈÛÔ ËÌ ÙˆÓ appleô appleúôî appleùô Ó ÎÙÒÓÙ È applefi ÌfiÓÈÌË ÂÁÎ Ù ÛÙ ÛË ÛÙË appleúô. ºÔÚÔÏÔÁÈÎÔ Û ÓÙÂÏÂÛÙ π ȈÙÈÎ Î È ËÌfiÛÈ ÂÙ ÈÚ  10% ÌÈÎÚ ÙÈÎÔ ÔÚÁ ÓÈÛÌÔ 25% apple ÏÏ Á appleèô Î Ùˆ ÂÈÛÔ Ì Ù apple ÏÏ ÛÛÔÓÙ È applefi ÙËÓ ÂappleÈ ÔÏ ÊfiÚÔ ÂÈÛÔ Ì ÙÔ ÈÛÔ Ì Ù Ú Ô applefi ÙË È ıâûë Ù ÙÏˆÓ ªÂÚ ÛÌ Ù fiîôè ÂÈÛappleÚ ÎÙ ÔÈ applefi ÂappleÂÓ ÙÈÎ Ú ÛÙËÚÈfiÙËÙÂ Ú Ë applefi ÌfiÓÈÌË ÂÁÎ Ù ÛÙ ÛË ÛÙÔ Â͈ÙÂÚÈÎfi ŸÚÈÔ apple ÏÏ Á ŸÏÔ ŸÏ 50% ŸÏ (Ì appleúô appleôı ÛÂÈ ) Ê ÈÚ ÛÂÈ appleèô Î Ùˆ appleôû Ê ÈÚÔ ÓÙ È applefi ÙÔ ÊÔÚÔÏÔÁËÙ Ô ÂÈÛfi ËÌ ŒÍÔ ŒÍÔ appleô ÁÈÓ Ó ÂÍ ÔÏÔÎÏ ÚÔ Î È appleôîïâèûùèî ÁÈ ÎÙ ÛË ÙÔ ÂÈÛÔ Ì ÙÔ ˆÚ Û ÂÁÎÂÎÚÈÌ Ó ÊÈÏ ÓıÚˆappleÈÎ È Ú Ì Ù ŸÚÈÔ apple ÏÏ Á ŸÏ ŸÏ (Ì appleô  ÍÂÈ ) 55

58 Ù ÈÚÈÎfi ºfiÚÔ ŒÍÔ ( Ó ÂÈ ) ÈÛÊÔÚ ÂÚÁÔ fiùë ÛÙÈ ÎÔÈÓˆÓÈÎ ÛÊ Ï ÛÂÈ Î È ÂÁÎÂÎÚÈÌ Ó Ù Ì ÛÙÔ ÌÈÛıÔ ÙˆÓ ÂÚÁÔ ÔÙÔ Ì ÓˆÓ apple Ó ÁÈ Û ÓÙ ÚËÛË È ÙËÚËÙ ÔÈÎÔ ÔÌ ÌÂ È Ù ÁÌ È Ù ÚËÛË ŒÍÔ ÁˆÁ ÁÈ ÛÎÔappleÔ ÙË ÂappleÈ Â ÚËÛË ŸÚÈÔ apple ÏÏ Á ŸÏ ª ÚÈ í200, í300 í 350 Ó Ù.Ì. ( Ó ÏÔÁ Ì ÙÔ Ì ÁÂıÔ ÙË ÔÈÎÔ ÔÌ ) 1% ÙÔ Î ÎÏÔ ÂÚÁ ÛÈÒÓ Ì ÓÒÙ ÙÔ appleôûfi í ªÂÙ ÊÔÚ Î È Û Ì ËÊÈÛÌfi ÊÔÚÔÏÔÁÈÎ ËÌÈ ÊÔÚÔÏÔÁÈÎ ËÌÈ appleô appleúôî appleùâè Î Ù ÙË È ÚÎÂÈ ÂÓfi ÊÔÚÔÏÔÁÈÎÔ ÙÔ, ÛÙË ÎÙ ÛË appleô ÂÓ ÌappleÔÚÂ Ó Û Ì ËÊÈÛÙ Ì ÏÏ ÂÈÛÔ Ì Ù ÙÔ È Ô ÊÔÚÔÏÔÁÈÎÔ ÙÔ, ÌÂÙ Ê ÚÂÙ È appleâúèfiúèûù ÛÙ ÂapplefiÌÂÓ ÙË. Ù Ë appleúfióôè ÈÛ ÂÈ ÁÈ ËÌÈ ÙÔ ÊÔÚÔÏÔÁÈÎÔ ÙÔ 1997 Î È ÌÂÙ. ºÔÚÔÏÔÁÈÎ ËÌÈ ÂÓ ÌÂÙ Ê ÚÔÓÙ È Û appleâú appleùˆûë Î Ù ÙËÓ ÔappleÔ apple Ú ÂÈ ÏÏ Á ÛÙËÓ È ÈÔÎÙËÛ ÙˆÓ ÌÂÙÔ ÒÓ Î È Ô ÛÈÒ Ë ÏÏ Á ÛÙË Ê ÛË ÂÚÁ ÛÈÒÓ ÙË ÂappleÈ Â ÚËÛË Ì Û Û ÙÚ ÚfiÓÈ applefi ÙÔ ÙÔ appleô appleúô Î Â Ë ËÌÈ. ºÔÚÔÏÔÁÈÎ ËÌÈ appleô appleúôî appleùâè applefi ÌfiÓÈÌË ÂÁÎ Ù ÛÙ ÛË ÛÙÔ Â͈ÙÂÚÈÎfi Âapple ÛË ÌappleÔÚÂ Ó Û Ì ËÊÈÛÙ ÌÂ Î Ú Ë ÙÔ È Ô appleúôûòappleô appleô appleúôî appleùô Ó ÛÙËÓ appleúô. ºÔÚÔÏÔÁÈÎ ËÌÈ applefi ÂappleÈ Â ÚËÛË appleô ÛΠÙÔÌÔ Û ÓÂÙ ÈÚÈÛÌfi Î È Ë ÔappleÔ ÂappleÈ Â ÚËÛË ÌÂÙ ÙÚ appleâù È Û ÂÙ ÈÚ ÌÂÙ Ê ÚÂÙ È Î È Û Ì ËÊ ÂÙ È Ì ٠ÌÂÏÏÔÓÙÈÎ Î Ú Ë appleô appleú ÁÌ ÙÔappleÔÈÂ Ë ÂÙ ÈÚÂ. appleèùú appleâù È Ô Û Ì ËÊÈÛÌfi ËÌÈÒÓ ÌÂÙ Í ÂÙ ÈÚÂÈÒÓ ÙÔ È Ô Û ÁÎÚÔÙ Ì ÙÔ Ó ÊÔÚÈÎ ÌÂ Î Ú Ë ÙÔ È Ô ÙÔ Ì ÙËÓ appleúô applefiıâûë fiùè Î È ÔÈ Ô ÂÙ ÈÚÂ Â Â Ó È Ì ÏË ÙÔ È Ô Û ÁÎÚÔÙ Ì ÙÔ ÁÈ ÔÏfiÎÏËÚÔ ÙÔ ÊÔÚÔÏÔÁÈÎfi ÙÔ Î È ÂappleÈappleÚfiÛıÂÙ Â Ó È Î È ÔÈ Ô ÊÔÚÔÏÔÁÈÎÔ Î ÙÔÈÎÔÈ appleúô. Ù ÈÚ ıâˆúâ Ù È Ì ÏÔ ÙÔ ÈÔ Û ÁÎÚÔÙ Ì ÙÔ, Â Ó 56

59 Ù ÈÚÈÎfi ºfiÚÔ ) Â Ó È 75% ÂÍ ÚÙËÌ ÓË ÙË ÏÏË, ) ÔÈ Ô ÂÙ ÈÚÂ Â Â Ó È 75% ÂÍ ÚÙÒÌÂÓ ÙÚ ÙË ÂÙ ÈÚÂ Ó ÈÔÚÁ ÓÒÛÂÈ ÂÙ ÈÚÂÈÒÓ ÌÂÙ ÊÔÚ ÛÙÔÈ Â ˆÓ ÂÓÂÚÁËÙÈÎÔ Î È apple ıëùèîô ÌÂÙ Í ÂÙ ÈÚÂÈÒÓ Ì Û ÛÙ appleï ÛÈ Ó ÈÔÚÁ ÓˆÛË ÂÓ ËÌÈÔ ÚÁ ÊÔÚÔÏÔÁËÙ appleú ÍË. fiúô Ó ÈÔÚÁ ÓˆÛË appleâúèï Ì ÓÂÈ Û Á ˆÓ ÛÂÈ ÂÙ ÈÚÂÈÒÓ, È Ûapple ÛË ÂÙ ÈÚÂ, ÌÂÙ ÛË /Î È ÓÙ ÏÏ Á. Ù ÈÚ  ÈÂıÓÒÓ Ú ÛÙËÚÈÔÙ ÙˆÓ ( ) È Î È Ù appleôî Ù ÛÙ Ì Ù ÈÂıÓÒÓ Ú ÛÙËÚÈÔÙ ÙˆÓ ÓÂÍ ÚÙËÙ applefi ÙÔ appleô ÛΠÙÔ Ô ÏÂÁ Ô Î È Ë È ı ÓÛ ÙÔ ÊÔÚÔÏÔÁÔ ÓÙ Ó Ì ÚÈ Î È ÙÔ ÊÔÚÔÏÔÁÈÎfi ÙÔ 2002, ÌÂ Û ÓÙÂÏÂÛÙ 4,25%. applefi ÙËÓ 1 π ÓÔ Ú Ô 2003, ÔÈ, Ô ÏÂÁ Ô Î È Ë È ı ÓÛË ÙˆÓ ÔappleÔ ˆÓ ÛÎÂ Ù È ÛÙËÓ appleúô apple ÁÔÓÙ È Î Ùˆ applefi ÙÔ ÈÔ ÊÔÚÔÏÔÁÈÎÔ Î ÓfiÓ fiappleˆ ÔappleÔÈ appleôùâ ÏÏË ÂÙ ÈÚÂ Î È ÊÔÚÔÏÔÁÔ ÓÙ È ÌÂ Û ÓÙÂÏÂÛÙ 10%. ªÂÙ ÙÈÎ È Ù ÍÂÈ Î È appleôî Ù ÛÙ Ì Ù ÈÂıÓÒÓ Ú ÛÙËÚÈÔÙ ÙˆÓ, Ô Ó ÈÎ ˆÌ ÂappleÈÏÔÁ ÊÔÚÔÏÔÁ Ì ÛË ÙÈ ÌÂÙ ÙÈÎ È Ù ÍÂÈ ÁÈ Ù ÙË 2003, 2004 Î È 2005 Ì ÙËÓ appleúô applefiıâûë Ó Â Ó ÂÈÛfi ËÌ ÙÔ ÙÔ 2001 Ó Â Ó Ú ÛÙËÚÈfiÙËÙ ÙÔ 2001 appleô appleôê ÚÂÈ ÂÈÛfi ËÌ ÌÂÙ ÁÂÓ ÛÙÂÚ. Ù ÙËÓ È ÚÎÂÈ ÙË ÌÂÙ ÙÈÎ appleâúèfi Ô Ô Û ÓÙÂÏÂÛÙ ÊfiÚÔ Â Ó È 4,25% Î È ÔÈ ÎfiÏÔ ıâ appleúfióôèâ ÂÓ ÂÊ ÚÌfi ÔÓÙ È 50% ÂÍ ÚÂÛË applefi ÊÔÚÔÏÔÁ ÙfiÎˆÓ ÂÈÛappleÚ ÎÙ ˆÓ ÂÍ ÚÂÛË applefi ÊÔÚÔÏÔÁ ÂÈÛappleÚ ÎÙ ˆÓ ÌÂÚÈÛÌ ÙˆÓ (ÂÎÙfi ÌÂÚÈÛÌ ÙˆÓ applefi ÏÏ ) ÂÍ ÚÂÛË applefi ÊÔÚÔÏÔÁ Î Ú Ô applefi È ıâûë Ù ÙÏˆÓ Û Ì ËÊÈÛÌfi ËÌÈÒÓ Ì ÂÙ ÈÚ  ÙÔ È Ô Û ÁÎÚÔÙ Ì ÙÔ ÂÍ ÚÂÛË applefi ÊÔÚÔÏÔÁ Û appleâú appleùˆûë Ó ÈÔÚÁ ÓˆÛË ÌÔÓÔÌÂÚ ÎappleÙˆÛË ÁÈ ÊfiÚÔ appleô appleïëúòıëîâ ÛÙÔ Â͈ÙÂÚÈÎfi fiù Ó ÂÓ apple Ú ÂÈ Û Ì ÛË ÈappleÏ ÊÔÚÔÏÔÁ apple ÏÏ Á ÙˆÓ ÎÂÚ ÒÓ ÌfiÓÈÌË ÂÁÎ Ù ÛÙ ÛË ÙÔ Â͈ÙÂÚÈÎÔ 57

60 Ù ÈÚÈÎfi ºfiÚÔ ËÌÈ ÙÔ ÙÔ 2000 Û Ì ËÊ ÔÓÙ È ÌfiÓÔ ÌÂ Î Ú Ë Ì ÚÈ ÙÔ 2005 ÂÓÒ ÔÈ ËÌÈ ÁÈ ÙÔ ÙÔ 2001 Î È ÌÂÙ ÌÂÙ Ê ÚÔÓÙ È ˆÚ appleâúèôúèûìfi. Ù ÙË ÌÂÙ ÙÈÎ appleâú Ô Ô ÂÓ ÈÛ Ô Ó ÔÈ appleúfióôèâ ÙË ÓÔÌÔıÂÛ ÁÈ Ì ÓÙÈÎ ÂÈÛÊÔÚ. ÂÊ Ï ÈÔ ÈÎ ÂÎappleÙÒÛÂÈ Ê ÈÚÔ ÓÙ È applefi ÙÔ ÊÔÚÔÏÔÁËÙ Ô ÂÈÛfi ËÌ ÔÈ appleèô Î Ùˆ ÂÎappleÙÒÛÂÈ appleô appleôïôá ÔÓÙ È ˆ appleôûôûùfi apple Óˆ ÛÙÔ ÎfiÛÙÔ ÁÔÚ % ªË Ó Ì Ù Î È ÂÁÎ Ù ÛÙ ÛÂÈ ªË Ó Ì Ù Î È ÂÁÎ Ù ÛÙ ÛÂÈ 10 ŒappleÈappleÏ Î È ÛÎÂ Ë 10 ËÏÂÔÚ ÛÂÈ Î È ÓÙÂÔ 10 È ÙÚ ÛÂÈ 10 ˆÚÁÈÎ ÌË Ó Ì Ù Î È ÂÚÁ Ï 15 ÏÂÎÙÚÔÓÈÎÔ appleôïôáèûù Î È ÏÂÈÙÔ ÚÁÈÎ appleúôáú ÌÌ Ù 20 ÔÁÈÛÌÈÎ appleúôáú ÌÌ Ù 33 1/3 ÔÁÈÛÌÈÎ appleúôáú ÌÌ Ù appleô ÙÔ ÎfiÛÙÔ ÙÔ ÂÓ ÍÂappleÂÚÓ ÙÈ í ÌappleÔÚÈÎ ÙÔÎ ÓËÙ 20 ªÔÙÔappleÔ Ï Ù 20 ÎÛÎ ÊÂ, ÂÏÎ ÛÙ ÚÂ, ÙÔÎÈÓÔ ÌÂÓ ÌË Ó Ì Ù ÊÔÚÙÔÂÎÊfiÚÙˆÛË Î È Ú ÏÈ appleâùúâï ÈÔÂÈ ÒÓ 25 Ù ÚÈ ÌappleÔÚÈÎ ÎÙ ÚÈ 3 µèôìë ÓÈÎ, ÁˆÚÁÈÎ Î È ÍÂÓÔ Ô ÂÈ Î ÎÙ ÚÈ 4 È ÌÂÚ ÛÌ Ù 3 58

61 Ù ÈÚÈÎfi ºfiÚÔ ªÂÙ ÏÏÈÎfi ÛÎÂÏÂÙfi ıâúìôîëapple ˆÓ 10 ÏÈÓÔ ÛÎÂÏÂÙfi ıâúìôîëapple ˆÓ 33 1/3 ÏÔ πûùèôêfiú 4,5 ÙÌfiappleÏÔÈ, Ú ÌÔ ÏÎ Î È ÏÈ ÙÈÎ 6 ÈÓÔ ÚÁÈ ÂÌappleÔÚÈÎ appleïô 8 ÈÓÔ ÚÁÈ ÂappleÈ ÙÈÎ appleïô 6 ªÂÙ ÂÈÚÈÛÌ Ó ÂÌappleÔÚÈÎ / ÂappleÈ ÙÈÎ appleïô ÀappleÔÏÔÈapplefiÌÂÓË ˆÊ ÏÈÌË ˆ ÚÁ Ï ÚÁ Ï ÁÂÓÈÎ 33 1/3 µèóùâôî Û ÙÂ ÙˆÓ ÓÙÂÔÎÏ apple 50 % 59

62 È ÈÎÔ ÚfiappleÔÈ ºÔÚÔÏÔÁ ÙÈÏÈ Î ÂÙ ÈÚÂ Â Î Ú Ë ÌÂÚ ÛÌ Ù appleïëúˆù Ó ÙÈÏÈ Î ÂÙ ÈÚ ÂÁÁÂÁÚ ÌÌ ÓË ÛÙËÓ appleúô Ë ÔappleÔ ÂÈ appleïô applefi appleúè Î ÛËÌ Î È ÈÂÍ ÁÂÈ Ú ÛÙËÚÈfiÙËÙ Û ÈÂıÓ Ù fiappleˆ Î È ÔÈ ÌÈÛıÔ ÙˆÓ ÍÈˆÌ ÙÈÎÒÓ Î È appleïëúˆì ÙˆÓ ÙˆÓ appleïô ˆÓ ÙÒÓ ÂÓ ÊÔÚÔÏÔÁÔ ÓÙ È ÛÙËÓ appleúô. Ù ÈÚÂ Â È Â ÚÈÛË appleïô ˆÓ appleúè Î ÈÂıÓ ÂappleÈ ÂÈÚ ÛÂÈ Ê ÛÈÎ Î È ÓÔÌÈÎ appleúfiûˆapple - appleô È ÂÈÚ ÔÓÙ È appleïô appleïëúòì Ù appleïô ˆÓ Ô Ó ÙËÓ ÂappleÈÏÔÁ Ó ÊÔÚÔÏÔÁÔ ÓÙ È Â Ù Ì 4,25%  Ù ÌÂ Û ÓÙÂÏÂÛÙ ÛÔ appleúô 25% ÙˆÓ Û ÓÙÂÏÂÛÙÒÓ ÊfiÚÔ ˆÚËÙÈÎfiÙËÙ ÙˆÓ ÏÏÔ appleòó appleïô ˆÓ appleô Ú ÛÎÔÓÙ È applefi È Â ÚÈÛË Î È Ù ÔappleÔ Â Ó È ÂÁÁÂÁÚ ÌÌ Ó ÂÎÙfi appleúô. ÛÊ ÏÈÛÙÈÎ ÂÙ ÈÚÂ Â È ÛÊ ÏÈÛÙÈÎ ÂÙ ÈÚ  ÊÔÚÔÏÔÁÔ ÓÙ È fiappleˆ ÔÈ ÏÏ ÂÙ ÈÚ  Ì ÙËÓ ÂÍ ÚÂÛË fiùè Û appleâú appleùˆûë fiappleô Ô appleïëúˆù Ô ÂÙ ÈÚÈÎfi ÊfiÚÔ apple Óˆ ÛÙÔ ÊÔÚÔÏÔÁËÙ Ô ÂÈÛfi ËÌ ÎÏ Ô ˆ Â Ó È ÌÈÎÚfiÙÂÚÔ ÙÔ 1,5% ÙˆÓ ÌÈÎÙÒÓ ÛÊ Ï ÛÙÚˆÓ, ÙfiÙÂ Ë È ÊÔÚ appleïëúòóâù È applefi ÌÔÚÊ ÂappleÈappleÚfiÛıÂÙÔ ÂÙ ÈÚÈÎÔ ÊfiÚÔ. ÈÂıÓ ÏÏÔÁÈÎ appleâó ÙÈÎ È ( ) ÛÎÔapplefi ÂÓfi Â Ó È Ë Û ÏÏÔÁÈÎ Âapple Ó ÛË ÎÂÊ Ï ˆÓ ÌÂÚÈ ÈÔ ˆÓ. ŒÓ ÌappleÔÚÂ Ó apple ÚÂÈ ÌÈ applefi ÙÈ ÎfiÏÔ ıâ ÓÔÌÈÎ ÌÔÚÊ ÂÙ ÈÚ Πıôúèûì ÓÔ ÎÂÊ Ï Ô ÂÙ ÈÚ ÌÂÙ ÏËÙÔ ÎÂÊ Ï Ô Û ÈÔ ÌÔÓ ˆÓ ÂÌappleÈÛÙÂ Ì ÙÔ ÂappleÂÓ ÙÈÎfi Û ÓÂÙ ÈÚÈÛÌfi appleâúèôúèûì ÓË Â ı ÓË ÊÔÚÔÏÔÁÔ ÓÙ È fiappleˆ fiï Ù ÏÏ ÓÔÌÈÎ appleúfiûˆapple Ó ÏÔÁ Ì ÙËÓ ÓÔÌÈÎ ÌÔÚÊ appleô ÂÈ ÙÔ ÈÎ ÈÒÌ Ù appleóâ Ì ÙÈÎ È ÈÔÎÙËÛ Ô Î ı ÚÈÛÙÔ appleôûfi ÔappleÔÈˆÓ appleôùâ ÈÎ ÈˆÌ ÙˆÓ appleóâ Ì ÙÈÎ È ÈÔÎÙËÛ, ÏÏˆÓ ÈÎ ÈˆÌ ÙˆÓ ÂÎÌÂÙ ÏÏ Ûˆ, appleô ËÌÈÒÛˆ ÏÏÔ ÂÈÛÔ Ì ÙÔ appleô ÎÙ Ù È applefi appleëá ÂÓÙfi ÙË appleúô 60

63 È ÈÎÔ ÚfiappleÔÈ ºÔÚÔÏÔÁ applefi appleúfiûˆappleô ÌË Î ÙÔÈÎÔ appleúô applefiîâèù È Û apple Ú ÎÚ ÙËÛË ÊfiÚÔ Ì appleôûôûùfi 10%. ªÈÛıÒÌ Ù Ù ÈÓÈÒÓ Ô Î ı ÚÈÛÙÔ appleôûfi ÔappleÔÈÔ appleôùâ ÌÈÛıÒÌ ÙÔ ÁÈ ÙËÓ appleúô ÔÏ ÎÈÓËÌ ÙÔÁÚ ÊÈÎÒÓ Ù ÈÓÈÒÓ ÛÙËÓ appleúô ÙÔ ÔappleÔ Ô ÎÙ Ù È applefi appleúfiûˆappleô appleô ÂÓ Â Ó È Î ÙÔÈÎÔ appleúô applefiîâèù È Û apple Ú ÎÚ ÙËÛË ÊfiÚÔ Ì appleôûôûùfi 5%. ÈÛfi ËÌ Âapple ÁÁÂÏÌ ÙÈÒÓ Ô Î ı ÚÈÛÙÔ ÂÈÛfi ËÌ ÙÔ ÔappleÔ Ô appleôîù ÔappleÔÈÔ appleôùâ ÙÔÌÔ ÙÔ ÔappleÔ Ô ÂÓ Â Ó È Î ÙÔÈÎÔ appleúô applefi ÙËÓ ÛÎËÛË ÛÙËÓ appleúô ÔappleÔÈÔ appleôùâ Âapple ÁÁ ÏÌ ÙÔ, ÂappleÈÙË Â Ì ÙÔ, applefi appleëúâû  ÁˆÁ ÛÙÔ ÎÔÈÓfi appleâúèï Ì ÓÔÌ ÓˆÓ Î È appleô ÔÛÊ ÈÚÈÎÒÓ ÔÌ ˆÓ Î È ÏÏˆÓ ıïëùèîòó appleôûùôïòó, applefiîâèù È Û apple Ú ÎÚ ÙËÛË ÊfiÚÔ Ì appleôûôûùfi 10%. 61

64 ŒÎÙ ÎÙË Ì ÓÙÈÎ ÈÛÊÔÚ appleè ÔÏ ÊfiÚÔ ŒÎÙ ÎÙË Ì ÓÙÈÎ ÈÛÊÔÚ ÂappleÈ ÏÏÂÙ È Û ÊÔÚÔÏÔÁÈÎÔ Î ÙÔ ÎÔ appleúô ÛÙ appleèô Î Ùˆ ÂÈÛÔ Ì Ù. ÓÙÂÏÂÛÙ ÈÛÔ Ì Ù º ÛÈÎ ÚfiÛˆapple Ù ÈÚ  % % ªÂÚ ÛÌ Ù applefi appleúè Î ÂÙ ÈÚ  15 ªË Ó ªÂÚ ÛÌ Ù applefi ÂÙ ÈÚ  ÛÙÔ Â͈ÙÂÚÈÎfi 15 ªË Ó ( ËÌ.) fiîôè appleô appleúôî appleùô Ó applefi ÂappleÂÓ ÙÈÎ Ú ÛÙËÚÈfiÙËÙ fiîôè appleô appleúôî appleùô Ó applefi Û Ó ÔÓÙ È ÛÙÂÓ Ì ÙË Û Ó ıë ÈÂÍ ÁˆÁ ÙË ÂappleÈ Â ÚËÛË ªË Ó ªË Ó fiîôè appleô appleôîùô Ó Ù Ì appleúfióôè / 3 fiîôè applefi appleèûùôappleôèëùèî appleôù ÌÈ Ûˆ Î È ÚÂfiÁÚ Ê Ó appleù ͈ appleúè Î ËÌÔÎÚ Ù 3 10 ÓÔ ÎÈ (Ì ÔÓ 25%) 3 3 Ú Ë ÔÚÁ ÓÈÛÌÒÓ ËÌÔÛ Ô ÈÎ Ô / 3 ËÌ ˆÛË È Ó ÈÛ ÂÈ Ë ÂÍ ÚÂÛË Ë appleúè Î ÂÙ ÈÚ appleú appleâè Ó Î Ù ÂÈ ÌÂÛ ÙÔ Ï ÈÛÙÔÓ 1% ÙÔ ÌÂÙÔ ÈÎÔ ÎÂÊ Ï Ô ÙË Í ÓË ÂÙ ÈÚ appleô appleïëúòóâè ÙÔ Ì ÚÈÛÌ. appleèappleúfiûıâù Ë ÂÍ ÚÂÛË ÂÓ ÂÊ ÚÌfi ÂÙ È Â Ó ( ) apple Ú Ó ÙÔ 50% ÙˆÓ Ú ÛÙËÚÈÔÙ ÙˆÓ ÙË Í ÓË ÂÙ ÈÚ appleô Ô Ó ÌÂÛ ÌÌÂÛ ÂÈÛfi ËÌ applefi ÂappleÂÓ ÛÂÈ, Î È ( ) Ô Í ÓÔ ÊfiÚÔ Â Ó È ÛËÌ ÓÙÈÎ ÌËÏfiÙÂÚÔ applefi ÙÔÓ ÊÔÚÔÏÔÁÈÎfi Û ÓÙÂÏÂÛÙ ÛÙËÓ appleúô 62

65 ŒÎÙ ÎÙË Ì ÓÙÈÎ ÈÛÊÔÚ appleèûùúôê Ó ÙÔ Û ÓÔÏÈÎfi ÂÈÛfi ËÌ Ê ÛÈÎÔ appleúôûòappleô Û ÌappleÂÚÈÏ Ì ÓÔÌ ÓˆÓ Î È ÙˆÓ ÙfiÎˆÓ ÂÓ ÍÂappleÂÚÓ ÙÈ í7.000 ÂÙËÛ ˆ ÂÈ ÈÎ ˆÌ ÂappleÈÛÙÚÔÊ ÙË ÂÈÛÊÔÚ appleô apple Ú ÎÚ Ù ıëîâ apple Ú Ó ÙÔ appleôûôûùô appleô ÓÙÈÛÙÔÈ Â ÛÙÔ 3%. ÛÙˆÛË Ó ÓÙÈ Í ÓË ÊÔÚÔÏÔÁ appleôèô appleôùâ appleôûfi Í ÓÔ ÊfiÚÔ ÂÈ ÂappleÈ ÏËı Âapple ÙÔ ÂÈÛÔ Ì ÙÔ appleô applefiîâèù È ÛÂ Ì ÓÙÈÎ ÂÈÛÊÔÚ ÌappleÔÚÂ Ó ÔıÂ Û Ó apple ÛÙˆÛË Ó ÓÙÈ ÙË Ì ÓÙÈÎ ÂÈÛÊÔÚ appleô Â Ó È Î Ù ÏËÙ apple Óˆ ÛÙÔ ÂÈÛfi ËÌ Ùfi, ÓÂÍ ÚÙ Ùˆ Ó apple Ú ÂÈ Û ÌÊˆÓ appleôê Á ÈappleÏ ÊÔÚÔÏÔÁ. ÔÁÈ fiìâóë È ÓÔÌ appleúè Î ÂÙ ÈÚ appleô ÂÓ Î Ù ÏÏÂÈ Ì ÚÈÛÌ ÛÙÔ ÌÂÙfi Ô ÙË Ì Û ÛÂ Ô ÙË applefi ÙÔ Ù ÏÔ ÙÔ ÊÔÚÔÏÔÁÈÎÔ ÙÔ, ÙË ÂappleÈ ÏÏÂÙ È 15% Ì ÓÙÈÎ ÂÈÛÊÔÚ Âapple ÙÔ 70% ÙˆÓ ÏÔÁÈÛÙÈÎÒÓ ÎÂÚ ÒÓ ÌÂÙ ÙËÓ Ê ÚÂÛË ÙÔ ÂÙ ÈÚÈÎÔ ÊfiÚÔ.  appleâú appleùˆûë appleô ÙÔ Ì ÚÈÛÌ Î Ù ÏËı ÌÂÙ applefi ÙË Ï ÍË ÙˆÓ Ô ÂÙÒÓ ÂappleÈ ÏÏÂÙ È Ì ÓÙÈÎ ÂÈÛÊÔÚ ÌfiÓÔ ÛÙÔ ÂappleÈappleÏ ÔÓ Ì ÚÈÛÌ appleô appleïëúòıëîâ. Ú Ë appleô Ó ÏÔÁÔ Ó Û ÌË ÊÔÚÔÏÔÁÈÎÔ Î ÙÔ ÎÔ appleúô ÂÓ apple ÁÔÓÙ È Û ÏÔÁÈ fiìâóë È ÓÔÌ. È Ï ÛË ÂÙ ÈÚÂ Ô Û ÓÔÏÔ ÙˆÓ Û ÛÛˆÚÂ Ì ÓˆÓ ÎÂÚ ÒÓ ÙˆÓ ÙÂÏ ٠ˆÓ apple ÓÙ ÂÙÒÓ appleúèó applefi ÙË È Ï ÛË Ù ÔappleÔ ÂÓ Ô Ó Î Ù ÓÂÌËı ÏÔÁ ÔÓÙ È fiùè È Ó ÌÔÓÙ È Î È applefiîâèóù È Û 15% Ì ÓÙÈÎ ÂÈÛÊÔÚ. ªÂ ˆÛË ÎÂÊ Ï Ô Â appleâú appleùˆûë Ì ˆÛË ÎÂÊ Ï Ô ÂÙ ÈÚ ÔappleÔÈ appleôùâ appleôû ÂappleÈÛÙÚ ÊÔÓÙ È ÛÙÔ ÌÂÙfi Ô Ì ÚÈ ÙÔ appleôûô ÙÔ È Ó ÌËÙÔ Î Ú Ô, ÔappleÔÈÔ appleôùâ ÙÔ ÙÔ ÔappleÔ Ô appleúôî appleùâè appleúôùô Ê ÈÚÂıÔ Ó ÔÈ ËÌÈ appleúôëáô ÌÂÓˆÓ ÙˆÓ, ı ÏÔÁ ÔÓÙ È ˆ È ÓÂÌËı ÓÙ Î È ı ÂappleÈ Ú ÓÔÓÙ È Ì 15% Ì ÓÙÈÎ ÂÈÛÊÔÚ ÌÂÙ ÙËÓ Ê ÚÂÛË ÔappleÔÈˆÓ appleôùâ appleôûòó appleô Ô Ó ÏÔÁÈÛı ˆ È ÓÂÌËı ÓÙ. 63

66 ŒÎÙ ÎÙË Ì ÓÙÈÎ ÈÛÊÔÚ ÌÂÚÔÌËÓ Î Ù ÔÏ ÎÙ ÎÙË Ì ÓÙÈÎ ÂÈÛÊÔÚ fiù Ó ÂÓ appleôîfiappleùâù È ÛÙËÓ appleëá, Â Ó È appleïëúˆù ÛÙÔ Ù ÏÔ Î ıâ ÂÍ Ì ÓÔ ËÏ ÛÙÈ 30 πô Ó Ô Î È 31 ÂÎÂÌ Ú Ô Î ıâ ÚfiÓÔ. È ÂÈÛÔ Ì Ù fiappleô Ë Ì ÓÙÈÎ ÂÈÛÊÔÚ appleôîfiappleùâù È ÛÙËÓ appleëá Â Ó È appleïëúˆù ÛÙÔ Ù ÏÔ ÙÔ ÂapplefiÌÂÓÔ Ì Ó. apple ÏÏ Á appleè ÂÈÚ ÛÂÈ ÈÂıÓÒÓ Ú ÛÙËÚÈÔÙ ÙˆÓ appleô ÂappleÈÏ ÁÔ Ó Ó ÊÔÚÔÏÔÁËıÔ Ó Ì ÛË ÙÈ ÌÂÙ ÙÈÎ È Ù ÍÂÈ ÁÈ Ù ÙË ÂÓ applefiîâèóù È Û ÎÙ ÎÙË Ì ÓÙÈÎ ÂÈÛÊÔÚ ÁÈ Ù ÙË Ù. ªÂÚ ÛÌ Ù appleô ÂÈÛappleÚ ıëî Ó applefi ÂÙ ÈÚ  Ì apple Ú ÎÚ ÙËÛË 20% Ì ÛË ÙË ÓÔÌÔıÂÛ appleô Û Â Ì ÚÈ ÙÈ 31 ÂÎÂÌ Ú Ô 2002 Î È ÂÓ appleïëúòıëî Ó ˆ Ì ÚÈÛÌ Ì ÚÈ ÙÈ 31 ÂÎÂÌ Ú Ô 2002, ÌappleÔÚÔ Ó Ó È ÓÂÌËıÔ Ó Ì Û Û ÍÈ ÙË applefi ÙËÓ Â ÛappleÚ ÍË ÙÔ ˆÚ apple Ú ÎÚ ÙËÛË 15%. 64

67 ºfiÚÔ ÂÊ Ï ÈÔ ÈÎÒÓ ÂÚ ÒÓ appleè ÔÏ ÊfiÚÔ appleè ÏÏÂÙ È ÌÂ Û ÓÙÂÏÂÛÙ 20% apple Óˆ ÛÂ Î Ú Ë applefi È ıâûë Î ÓËÙË È ÈÔÎÙËÛ appleô Ú ÛÎÂÙ È ÛÙËÓ appleúô Û ÌappleÂÚÈÏ Ì ÓÔÌ ÓˆÓ Î È ÎÂÚ ÒÓ applefi È ıâûë ÌÂÙÔ ÒÓ ÂÙ ÈÚÂÈÒÓ ÔÈ ÔappleÔ Â Î Ù Ô Ó Î ÓËÙË È ÈÔÎÙËÛ ÛÙËÓ appleúô Î È ÂÓ Â Ó È ÂÈÛËÁÌ Ó Û ÔappleÔÈÔ appleôùâ Ó ÁÓˆÚÈÛÌ ÓÔ ÃÚËÌ ÙÈÛÙ ÚÈÔ ÍÈÒÓ. ıôúèûìfi Î Ú Ô Ô Î ı Úfi Î Ú Ô applefi È ıâûë Î ÓËÙË È ÈÔÎÙËÛ appleôïôá ÂÙ È ÊÔ Ê ÈÚÂıÔ Ó applefi ÙËÓ ÙÈÌ È ıâûë ÙÔ appleú ÁÌ ÙÈÎfi ÎfiÛÙÔ ÎÙ ÛË ÙË ÁÔÚ Í Î Ù ÙËÓ 1 π ÓÔ Ú Ô 1980 ÔappleÔÈÔ appleôùâ Â Ó È ÙÔ ÌÂÁ Ï ÙÂÚÔ, Ó appleúôû ÚÌÔÛÌ Ó Ì ÙËÓ ÍËÛË ÏfiÁˆ appleïëıˆúèûìô. apple ÏÏ Á È appleèô Î Ùˆ È ı ÛÂÈ Î ÓËÙË È ÈÔÎÙËÛ ÂÓ ÊÔÚÔÏÔÁÔ ÓÙ È ªÂÙ ÛË ÏfiÁˆ ı Ó ÙÔ ˆÚ ÌÂÙ Í Û ÁˆÓ, ÁÔÓ ˆÓ appleúô Ù ÎÓ Î È ÌÂÙ Í Û ÁÁÂÓÒÓ Ì ÚÈ ÙÚ ÙÔ ıìô Û ÁÁ ÓÂÈ ˆÚ appleúô ÂÙ ÈÚ fiappleô fiïôè ÔÈ Ì ÙÔ ÔÈ ÙË ÔappleÔ Â Ó È Ì ÏË Î È ÂÍ ÎÔÏÔ ıô Ó ÁÈ apple ÓÙ ÚfiÓÈ ÌÂÙ ÙË ˆÚÂ Ó Â Ó È Ì ÏË ÙË ÔÈÎÔÁ ÓÂÈ ÙÔ È ı ÙË ˆÚ applefi ÔÈÎÔÁÂÓÂÈ Î ÂÙ ÈÚ appleúô ÙÔ ÌÂÙfi Ô ÙË applefi ÙËÓ appleúô applefiıâûë ÙÔ ÓÙÈΠÌÂÓÔ ˆÚÂ Ó Â Â appleôîùëıâ applefi ÙËÓ ÂÓ ÏfiÁˆ ÂÙ ÈÚ Âapple ÛË Ì ˆÚÂ. appleâúèô Û Ù appleú appleâè Ó apple Ú Ì ÓÂÈ ÛÙ ÚÈ ÙÔ ˆÚÂÔ fi Ô ÁÈ ÙÚ ÙÔ Ï ÈÛÙÔÓ ÚfiÓÈ ˆÚ Û ÊÈÏ ÓıÚˆappleÈÎ È Ú Ì Ù ÛÙË ËÌÔÎÚ Ù ªÂÙ ÛË ÏfiÁˆ Ó ÈÔÚÁ ÓˆÛË ÂÙ ÈÚÂÈÒÓ ÓÙ ÏÏ Á appleòïëûë Ì ÛË ÙÔ appleâú ÓÔappleÔÈ Ûˆ Î È Ó È ÓÔÌ ÁÚÔÙÈÎÒÓ ÙËÌ ÙˆÓ fiìô apple ÏÏÔÙÚÈÒÛÂÈ ÓÙ ÏÏ Á È ÈÔÎÙËÛ fiappleô ÔÈ Í Â ÙˆÓ ÎÈÓ ÙˆÓ Â Ó È Û ÌÂÙ Í ÙÔ 65

68 ºfiÚÔ ÂÊ Ï ÈÔ ÈÎÒÓ ÂÚ ÒÓ Í ÈÚ ÛÂÈ applefi ÙÔ Î Ú Ô appleô appleú ÁÌ ÙÔappleÔÈÔ Ó Ê ÛÈÎ appleúfiûˆapple Ê ÈÚÔ ÓÙ È Ù appleèô Î Ùˆ í È appleòïëûë È ÈÔÎ ÙÔÈÎ (Ì Πappleôèô appleâúèôúèûìô ) È appleòïëûë ÁˆÚÁÈÎ ÁË applefi ÁˆÚÁfi È ÏÏ appleˆï ÛÂÈ È appleèô apple Óˆ ÂÍ ÈÚ ÛÂÈ apple Ú ˆÚÔ ÓÙ È ÌÈ ÊÔÚ ÌfiÓÔ Î È fi È ÁÈ Î ıâ È ıâûë. ÕÙÔÌÔ appleô ÈÂÎ ÈΠappleâúèûûfiùâúâ applefi ÌÈ applefi ÙÈ appleèô apple Óˆ ÂÍ ÈÚ ÛÂÈ appleâúèôú ÂÙ È ÛÂ Û ÓÔÏÈÎ ÂÍ ÈÚ ÛÂÈ Ô í ºfiÚÔ ÏËÚÔÓÔÌÈ ºfiÚÔ ÏËÚÔÓÔÌÈ ÂÈ Î Ù ÚÁËı applefi ÙËÓ 1 π ÓÔ Ú Ô ÂÎÙÂÏÂÛÙ / È ÂÈÚÈÛÙ ÙË appleâúèô Û appleôı ÓÒÓÙ appleô ÚÂÔ Ù È, Ì ÛË ÙÔÓ ÂÚ ÂÚÈÔ Û appleôı ÓÒÓÙˆÓ ÚÔÛÒappleˆÓ fiìô, fiappleˆ appleô ÏÂÈ ÛÙÈ ÊÔÚÔÏÔÁÈÎ Ú Î Ù ÛÙ ÛË ÂÓÂÚÁËÙÈÎÔ Î È apple ıëùèîô ÙÔ appleôı ÓÒÓÙ ÂÓÙfi ÍÈ ÌËÓÒÓ applefi ÙËÓ ËÌÂÚÔÌËÓ ı Ó ÙÔ. 66

69 ºfiÚÔ Î ÓËÙË π ÈÔÎÙËÛ ºfiÚÔ Î ÓËÙË π ÈÔÎÙËÛ ÂappleÈ ÏÏÂÙ È apple Óˆ ÛÙËÓ ÁÔÚ Í ÙË Î ÓËÙË È ÈÔÎÙËÛ Î Ù ÙËÓ 1 π ÓÔ Ú Ô 1980 Î È ÊÔÚ ÙËÓ Î ÓËÙË È ÈÔÎÙËÛ ÙÔ ÊÔÚÔÏÔÁÔ Ì ÓÔ ÙËÓ 1 π ÓÔ Ú Ô Î ıâ ÚfiÓÔ. ÊfiÚÔ appleïëúòóâù È ÛÙÈ 30 ÂappleÙÂÌ Ú Ô Î ıâ ÚfiÓÔ. ºfiÚÔ Î ÓËÙË π ÈÔÎÙËÛ ÂappleÈ ÏÏÂÙ È ÛÂ Ê ÛÈÎ Î È ÓÔÌÈÎ appleúfiûˆapple. ÓÙÂÏÂÛÙ Í È ÈÔÎÙËÛ ÓÙÂÏÂÛÙ ÓÔÏÈÎfi ÊfiÚÔ Kí % Kí ª ÚÈ , , Óˆ ªÂÙ È ÛÙÈÎ ÈÎ ÈÒÌ Ù ÙËÌ ÙÔÏÔÁ Ô ÈÎ ÈÒÌ Ù ÙÔ ÎÙËÌ ÙÔÏÔÁ Ô ÁÈ ÌÂÙ È ÛÂÈ Î ÓËÙË appleâúèô Û appleúôû ÈÔÚ ÔÓÙ È Û ÌÊˆÓ Ì ÙÔÓ appleèô Î Ùˆ apple Ó Î. ÈÎ ÈÒÌ Ù Ù ÔappleÔ ÈÛ Ô Ó applefi 19 ª ÚÙ Ô 1999 Í ÓÙÂÏÂÛÙ ÓÔÏÈÎ ÈÎ ÈÒÌ Ù Kí % Kí ª ÚÈ Óˆ applefi  appleâú appleùˆûë ÌÂÙ ÛË ÎÈÓ ÙˆÓ Û ÔÈÎÔÁÂÓÂÈ Î ÂÙ ÈÚ ٠ÌÂÙ È ÛÙÈÎ ÈÎ ÈÒÌ Ù ÂappleÈÛÙÚ ÊÔÓÙ È ÌÂÙ ÙËÓ apple ÚÔ Ô apple ÓÙ ÂÙÒÓ Ì ÙËÓ appleúô applefiıâûë fiùè ÙÔ Î ÓËÙÔ apple Ú Ì ÓÂÈ È ÈÔÎÙËÛ ÙË ÂÙ ÈÚÂ Î È ÂÓ apple Ú ÂÈ ÏÏ Á ÛÙÔ ÌÂÙfi Ô ÙË. ÙËÓ appleâú appleùˆûë Ó ÈÔÚÁ ÓÒÛÂˆÓ ÂÙ ÈÚÂÈÒÓ, ÔÈ ÌÂÙ È ÛÂÈ Î ÓËÙË È ÈÔÎÙËÛ ÂÓ applefiîâèóù È Û ÌÂÙ È ÛÙÈÎ ÈÎ ÈÒÌ Ù ÎÙËÌ ÙÔÏÔÁ Ô. Ù ÙË ÌÂÙ ÛË Î ÓËÙË appleâúèô Û applefi ÔÈÎÔÁÂÓÂÈ Î ÂÙ ÈÚ ÛÙÔÓ Ó applefi ÙÔ Û ÁÔ ÛÂ Ó applefi Ù apple È È ÛÂ Û ÁÁÂÓ ÙˆÓ ÌÂÙfi ˆÓ Ì ÚÈ Î È ÙÚ ÙÔ ıìô Û ÁÁ ÓÂÈ Ù ÌÂÙ È ÛÙÈÎ ÈÎ ÈÒÌ Ù appleôïôá ÔÓÙ È apple Óˆ ÛÙËÓ Í ÙÔ ÎÈÓ ÙÔ appleô Ó ÁÚ ÊÂÙ È ÛÙÔÓ Ù ÙÏÔ È ÈÔÎÙËÛ, ˆ ÎÔÏÔ ıˆ appleúô Û ÁÔ 8% appleúô apple È 4% appleúô Û ÁÁÂÓ 8% apple ÛË ÔÈ appleèô Î Ùˆ Û ÓÙÂÏÂÛÙ ÈÛ Ô Ó ÁÈ ˆÚ applefi ÁÔÓ appleúô apple È È 4% ÌÂÙ Í Û ÁˆÓ 8% ÌÂÙ Í Û ÁÁÂÓÒÓ ÙÚ ÙÔ ıìô 8% 67

70 ÔÈÓˆÓÈÎ ÛÊ Ï ÛÂÈ ÈÛÊÔÚ ÌÈÛıˆÙÒÓ % ÓÂÈÛÊÔÚ apple ÏÏ ÏˆÓ - ÔÈÓˆÓÈÎ ÛÊ Ï ÛÂÈ 6,3 ÓÂÈÛÊÔÚ ÂÚÁÔ fiùë - ÔÈÓˆÓÈÎ ÛÊ Ï ÛÂÈ 6,3 - ÌÂ Ô ÎÔÈÓˆÓÈÎ Û ÓÔ 2 - ÌÂ Ô appleïâôó ÔÓÙÔ appleúôûˆappleèîô 1,2 - ÌÂ Ô ÈÔÌË ÓÈÎ Î Ù ÚÙÈÛË 0,5 - ÌÂ Ô ÂÈÒÓ ( Ó ÂÓ apple Ú ÂÈ ÂÍ ÚÂÛË) 8 Ô ÓÒÙ ÙÔ fiúèô ÂÙ ÛÈˆÓ appleô Ô ÒÓ ÂÚÁÔ ÔÙÔ Ì ÓˆÓ apple Óˆ ÛÙÔ ÔappleÔ Ô appleôïôá ÔÓÙ È ÔÈ ÂÈÛÊÔÚ Â Ó È í ÔÌ È ÔÈ apple ÏÏ ÏÔÈ ªËÓÈ ÔÈ apple ÏÏ ÏÔÈ ÂÈÛÊÔÚ ÛÙÔ Ù ÌÂ Ô ÎÔÈÓˆÓÈÎ Û ÓÔ appleôïôá ÂÙ È ÛÙÔ Û ÓÔÏÔ ÙˆÓ appleô Ô ÒÓ ˆÚ appleâúèôúèûìfi ÓÒÙ ÙÔ fiúèô. ÈÛÊÔÚ ÙÔÂÚÁÔ ÔÙÔ Ì ÓˆÓ È ÂÈÛÊÔÚ ÁÈ ÙÔÂÚÁÔ ÔÙÔ ÌÂÓÔ appleôïôá ÔÓÙ È ÌÂ Û ÓÙÂÏÂÛÙ 11,6 ÙÔÈ ÂÎ Ùfi ÙÔ ÂÈÛÔ Ì ÙÔ. Ô Î ÙÒÙ ÙÔ fiúèô appleô Ô ÒÓ ÙÔÂÚÁÔ ÔÙÔ Ì ÓˆÓ apple Óˆ ÛÙÔ ÔappleÔ Ô appleôïôá ÔÓÙ È ÔÈ ÂÈÛÊÔÚ Â Ó È í ÃÔÓ Ú ÌappleÔÚÂ, ÎÙËÌ ÙÔÌÂÛ ÙÂ, ÛÊ ÏÈÛÙ, ÈÔÌ ÓÔÈ Î È ÏÏÔÈ ÂappleÈ ÂÈÚËÌ Ù Â ÚfiÛˆapple appleô ÛÎÔ Ó ÂÏ ıâúô Âapple ÁÁÂÏÌ apple Óˆ applefi Î ÚfiÓÈ ÚfiÛˆapple appleô ÛÎÔ Ó ÂÏ ıâúô Âapple ÁÁÂÏÌ Î Ùˆ applefi Î ÚfiÓÈ

71 ÔÈÓˆÓÈÎ ÛÊ Ï ÛÂÈ ÈÎÔ fiìôè Î È Û Ó Ê Âapple ÁÁ ÏÌ Ù Â Ó ÙÂ appleô Û ÔÏÔ ÓÙ È ÛÂ ÛÙÈÎ appleâúèô ËÁÔ ÌÂÙ ÊÔÚÈÎÒÓ Ì ÛˆÓ, ÂÈÚÈÛÙ ÂÎÛÎ Ê ˆÓ Î È Û Ó Ê Âapple ÁÁ ÏÌ Ù ÕÏÏ appleúfiûˆapple appleô ÂÚÁ ÔÓÙ È ÛÂ ÛÙÈÎ appleâúèô ÕÏÏ appleúfiûˆapple appleô ÂÚÁ ÔÓÙ È ÛÂ ÁÚÔÙÈÎ appleâúèô

72 à ÚÙfiÛËÌ appleïëúˆù Ù ÏË Î È ÈÎ ÈÒÌ Ù apple Óˆ Û ÔÚÈÛÌ Ó Â Ë ÂÁÁÚ ÊˆÓ apple ÚÔ ÛÈ ÔÓÙ È ÛÙÔÓ appleèô Î Ùˆ apple Ó Î. E Ô ÂÁÁÚ ÊˆÓ appleô  ÍÂÈ - ÁÈ appleôû applefi í2 - í20 2 ÛÂÓÙ appleô  ÍÂÈ - ÁÈ appleôû apple Óˆ applefi í20 4 ÛÂÓÙ appleèù Á 3 ÛÂÓÙ ÈÛÙˆÙÈÎ ÂappleÈÛÙÔÏ í1 ÁÁ ËÙÈÎ ÂappleÈÛÙÔÏ 50 ÛÂÓÙ Ì fiï È - Ì ÚÈ í í1,5 ÁÈ Î ıâ ÏÈ - apple Óˆ applefi í í2 ÁÈ Î ıâ ÏÈ - ˆÚ Î ıôúèûì ÓÔ appleôûfi í20 ÂψÓÂÈ Îfi Î È ÛÌÔÏÔÁÈÎfi ÁÁÚ ÊÔ í10 í20 ºÔÚÙˆÙÈÎ í2 ψÙÈÎfi ÁÁÚ ÊÔ í10 ÏËÚÂÍÔ ÛÈÔ - ÁÂÓÈÎfi í3 - ÂÈ ÈÎfi í1 ÈÛÙÔappleÔÈËÌ ÓÔ ÓÙ ÁÚ ÊÔ Û Ì ÔÏ Ô Î È ÂÁÁÚ ÊÔ í1 È ı ÎË í10 ŒÁÁÚ ÊÔ È Â ÚÈÛË appleâúèô Û appleô ÈÒÛ ÓÙÔ í5 ÏË Î È ÈÎ ÈÒÌ Ù ÊfiÚÔ Ù ÈÚÂÈÒÓ ÁÁÚ Ê ÂÙ ÈÚ appleâúèôúèûì ÓË Â ı ÓË ÁÁÚ Ê ÍËÛË ÛÙÔ ÌÂÙÔ ÈÎfi ÎÂÊ Ï ÈÔ Ù ÒÚËÛË Ù ÛÈ ŒÎıÂÛË í60 appleï ÔÓ 0.6% Âapple ÙÔ ÔÓÔÌ ÛÙÈÎÔ ÎÂÊ Ï Ô 0.6% Âapple ÙË ÍËÛË í7 apple ÏÏ ÛÛÔÓÙ È applefi ÙËÓ Î Ù ÔÏ ÙÂÏÒÓ ÚÙÔÛ ÌÔ Û Ó ÏÏ Á ÛÙ appleï ÛÈ Ó ÈÔÚÁ ÓˆÛË ÂÙ ÈÚÂÈÒÓ. 70

73 ºfiÚÔ ÚÔÛÙÈı ÌÂÓË Í appleè ÔÏ ºfiÚÔ ÚÔÛÙÈı ÌÂÓË Í (º ) ÂappleÈ ÏÏÂÙ È ÛÙÈ ÂappleÈ ÂÈÚËÌ ÙÈÎ Û Ó ÏÏ Á Î È ÛÙÈ ÂÈÛ ÁˆÁ, Ì ÙÔ appleèô Î Ùˆ ÊÔÚÔÏÔÁÈÎÔ Û ÓÙÂÏÂÛÙ ªË ÂÓÈÎfi Û ÓÙÂÏÂÛÙ (0%) ªÂÈˆÌ ÓÔ Û ÓÙÂÏÂÛÙ (5%) applefi 1 πô Ï Ô 2000 ÂÙÈÎfi Û ÓÙÂÏÂÛÙ (15%) applefi 1 π ÓÔ Ú Ô 2003 ªË ÂÓÈÎfi Û ÓÙÂÏÂÛÙ Ú fiûâè appleúô ÏÏ ÎÚ ÙË-Ì ÏË Í ÁˆÁ ÚfiÊÈÌ ÚÔÌ ıâèâ ÂÈÛappleÚ ÎÙ Â applefi ÙÔ Â͈ÙÂÚÈÎfi ÁÈ ÂÈÛ ÁˆÁ ÂÍ ÁˆÁ Á ıòó º ÚÌ Î ÈÂıÓ ÂÚÔÌÂÙ ÊÔÚ Î È ı Ï ÛÛÈ ÌÂÙ ÊÔÚ ªÂÈˆÌ ÓÔ Û ÓÙÂÏÂÛÙ ª ÛıˆÛË Î Ù Ï ÌÌ ÙˆÓ ÛÙ appleï ÛÈ ÙÔ ÍÂÓÔ Ô ÂÈ ÎÔ ÙÔÌ Ú fiûâè Á ıòó ÛÙ appleï ÛÈ Ú ÛÙËÚÈfiÙËÙ ÂappleÈÛÈÙÈÛÌÔ (ÂÍ ÈÚÔ Ì ÓˆÓ ÙˆÓ ÏÎÔÔÏÔ ˆÓ appleôùòó) Ú fiûâè ÏÈapple ÛÌ ÙˆÓ, ÂÓÙÔÌÔÎÙfiÓˆÓ, Ì ÎËÙÔÎÙfiÓˆÓ, ˆÔÙÚÔÊÒÓ, ÛapplefiÚˆÓ Ú fiûâè ˆÓÙ ÓÒÓ ÒˆÓ ÁÈ ÙËÓ apple Ú ÛΠÙÚÔÊ ÌˆÓ ÊËÌÂÚ Â Î È appleâúèô ÈÎ µè Ï ÂÚfi ÌË ÂÌÊÈ ÏˆÌ ÓÔ ÀÁÚ ÚÈÔ ªÂÙ ÊÔÚ appleúôûòappleˆó Ì ÛÙÈÎfi ÁÚÔÙÈÎfi ÏÂÔʈÚÂ Ô È ÊÔÚ Á ı ÁÈ ÙËÓ ÂÍ appleëú ÙËÛË Ó apple ÚˆÓ ÁˆÙ Î È apple ÚfiÌÔÈ appleúô fióù 71

74 ºfiÚÔ ÚÔÛÙÈı ÌÂÓË Í Ú fiûâè ÊÂÚ ÙÚˆÓ Î È appleëúâû  ÁÚ Ê ˆÓ ÎË ÂÈÒÓ ÀappleËÚÂÛ Â Ô ÔÎ ı ÚÈÛÌÔ, appleôîôìè Î È Ó Î ÎψÛË appleôúúèìì ÙˆÓ ÀappleËÚÂÛ Â Û ÁÁÚ Ê ˆÓ, Û ÓıÂÙÒÓ Î È Î ÏÏÈÙ ÓÒÓ È appleˆï ÛÂÈ Ó ˆÓ ÎÙÈÚ ˆÓ ÁÈ Ù ÔappleÔ ÔÈ ÈÙ ÛÂÈ ÁÈ Î ÔÛË appleôïâô ÔÌÈÎ ÂÈ appleô Ï ıëîâ ÌÂÙ ÙËÓ 1ËÓ ª Ô 2004 ÂappleÈ Ú ÓÔÓÙ È Ì ΠÓÔÓÈÎfi Û ÓÙÂÏÂÛÙ. È appleˆï ÛÂÈ Ó ˆÓ ÎÙÈÚ ˆÓ Ù ÔappleÔ ı ÚËÛÈÌÔappleÔÈËıÔ Ó ˆ appleúòùë Î ÙÔÈÎ ÂappleÈ Ú ÓÔÓÙ È Ì ÌÂÈˆÌ ÓÔ Û ÓÙÂÏÂÛÙ. Í ÈÚ ÛÂÈ Í ÈÚÔ ÓÙ È applefi ÙÔÓ º ÔÈ appleèô Î Ùˆ Û Ó ÏÏ Á ÓÔ ÎÈ π ÙÚÈÎ appleëúâû  ÛÊ ÏÈÛÙÈÎ Î È ÚËÌ ÙÔÔÈÎÔÓÔÌÈÎ appleëúâû  ÀappleËÚÂÛ Â ÂÎapple  ÛË ÁÁÚ Ê ÂÁÁÚ Ê ÛÙÔ ÌËÙÚÒÔ º Â Ó È appleô ÚˆÙÈÎ fiù Ó Ë Í ÙˆÓ ÊÔÚÔÏÔÁÈÎÒÓ Û Ó ÏÏ ÁÒÓ Î Ù ÙËÓ appleâú Ô Ô ÂÓfi ÙÔ appleô ÙÂÏÂÈÒÓÂÈ Û Ùfi ÙÔ ÚÔÓÈÎfi ÛËÌÂ Ô ÂÈ appleâú  ÙÈ í9.000 Û ÔappleÔÈÔ appleôùâ ÚÔÓÈÎfi ÛËÌÂ Ô apple Ú Ô Ó ÛÈÌÔÈ ÏfiÁÔÈ Ó appleèûùâ ÂÙ È fiùè Ë Í ÙˆÓ ÊÔÚÔÏÔÁËÙ ˆÓ Û Ó ÏÏ ÁÒÓ Î Ù ÙËÓ appleâú Ô Ô ÙˆÓ 30 ËÌÂÚÒÓ appleô Ú ÂÈ applefi Ùfi ÙÔ ÚÔÓÈÎfi ÛËÌÂ Ô ı appleâú  ÙÈ í ÌappleÔÚ fiìâóô Ì ΠÎÏÔ ÂÚÁ ÛÈÒÓ ÏÈÁfiÙÂÚÔ applefi í9.000 ÂÈ ÂıÂÏÔÓÙÈÎfi ÈÎ ˆÌ ÂÁÁÚ Ê. ÚfiÛˆappleÔ appleô ÂÈ ÂappleÈ ÂÈÚËÌ ÙÈÎ ÂÁÎ Ù ÛÙ ÛË ÛÙË appleúô Ô Û ÓËıÈÛÌ ÓÔ ÙfiappleÔ È ÌÔÓ /Û ÛÙ ÛË Â Ó È ÛÙË appleúô Î È appleú ÁÌ ÙÔappleÔÈÂ Û Ó ÏÏ Á ÂÎÙfi appleúô, appleô ı Ù Ó ÊÔÚÔÏÔÁËÙ Â Â Ó appleú ÁÌ ÙÔappleÔÈÔ ÓÙ Ó ÂÓÙfi ÙË appleúô, ÂÈ ÈÎ ˆÌ ÂıÂÏÔÓÙÈÎ ÂÁÁÚ Ê. Ó ÏÏ Á ÎÂÊ Ï ÈÔ ÈÎ Ê ÛË ÂÓ appleôùâïô Ó Ì ÚÔ ÙˆÓ ÊÔÚÔÏÔÁËÙ ˆÓ Û Ó ÏÏ ÁÒÓ ÁÈ ÛÎÔappleÔ ÂÁÁÚ Ê. Ù ÈÚ  ÈÂıÓÒÓ Ú ÛÙËÚÈÔÙ ÙˆÓ ( ) È applefi ÙËÓ 1ËÓ ºÂ ÚÔ Ú Ô 2002 apple ÁÔÓÙ È ÛÙÔÓ appleâú º 72

75 ºfiÚÔ ÚÔÛÙÈı ÌÂÓË Í fiìô fiappleˆ Î ıâ ÏÏË ÂappleÈ ÂÈÚËÌ ÙÈÎ ÔÓÙfiÙËÙ. Í ÔÚÈÛÌÔ fiìˆ ÔÈ Ú ÛÙËÚÈfiÙËÙÂ ÙˆÓ appleú ÁÌ ÙÔappleÔÈÔ ÓÙ È ÂÎÙfi appleúô Î È Î Ù Âapple ÎÙ ÛË ÔÈ Û Ó ÏÏ Á ÙˆÓ appleâúèûûôù ÚˆÓ Â Ó È ÂÎÙfi appleï ÈÛ Ô ÂÊ ÚÌÔÁ ÙÔ appleúè ÎÔ º. È Ô Ó ÈÎ ˆÌ ÂıÂÏÔÓÙÈÎ ÂÁÁÚ Ê. ıâïôóùèî ÂÁÁÚ Ê ÛËÌ ÓÂÈ ÂÓ ÚÂÒÓÂÙ È º ÛÙÔ ÂÈÛfi ËÌ ÙË ÂappleÈÛÙÚÔÊ ÊfiÚÔ appleô ÚÂÒıËÎÂ Ë applefi Î appleúè Î ÂappleÈ ÂÈÚ ÛÂÈ Ó ÔÎÔÈÓÔÙÈÎfi ÂÌapplefiÚÈÔ ªÂ ÙËÓ ÓÙ ÍË ÙË appleúô ÛÙËÓ Úˆapple Î ŒÓˆÛË ( ) ÙËÓ 1Ë ª Ô 2004 ÙÔ ÂÈÛ ÁˆÁÈÎfi º ÙÔ ÔappleÔ Ô Î Ù ÏÏÂÙÔ Ì ÙËÓ ÂÎÙÂÏÒÓÈÛË ÂÌappleÔÚÂ Ì ÙˆÓ applefi ÙËÓ ÂÈ Î Ù ÚÁËıÂ. ŸÏ ÔÈ ÂÓ ÔÎÔÈÓÔÙÈÎ Û Ó ÏÏ Á ÌÂÙ Í ÂÁÁÂÁÚ Ì ÓˆÓ appleúôûòappleˆó ÛÙÔ º apple ÁÔÓÙ È ÛÙÔÓ ÌË ÂÓÈÎfi Û ÓÙÂÏÂÛÙ Ì ÂÍ ÚÂÛË ÙÈ Û Ó ÏÏ Á appleô ÊÔÚÔ Ó Î ÈÓÔ ÚÁÈ ÌÂÙ ÊÔÚÈÎ Ì Û, Á ı appleô apple ÁÔÓÙ È Û ÂÈ ÈÎÔ ÊfiÚÔ Î Ù Ó ÏˆÛË, ÁÔÚ applefi ÌË ÂÁÁÂÁÚ ÌÌ Ó appleúfiûˆapple Î È appleˆï ÛÂÈ applefi applefiûù ÛË. 73

76 ÌappleÈÛÙÂ Ì Ù ŒÓ Ìapple ÛÙ Ì, È Ú ÂÙ È applefi Ó ÙÔÌÔ ÙÔÓ ÌappleÈÛÙÂ Ì ÙÔapple ÚÔ Ô Î È appleôùâïâ Ó Ì ÛÔ Ì ÙÔ ÔappleÔ Ô appleâúèô Û, appleâúèô Û ÙÔ ÌappleÈÛÙÂ Ì ÙÔ, ÎÚ ÙÂ Ù È applefi Ó appleâúèûûfiùâú ÙÔÌ, ÙÔ ÌappleÈÛÙÂ Ì ÙÔ fi Ô ÁÈ ÏÔÁ ÚÈ ÛÌfi Î appleôèô ÏÏÔ ÏÏˆÓ ÙˆÓ ÈÎ ÈÔ ˆÓ ÁÈ Û ÁÎÂÎÚÈÌ ÓÔ ÛÎÔappleÔ. ÂÌappleÈÛÙÂ Ì Ù apple Ú ÔÛÈ Î Ù Ó appleôï ÛËÌ ÓÙÈÎÔ ÌË ÓÈÛÌÔ ÊÔÚÔÏÔÁÈÎÔ appleúôáú ÌÌ ÙÈÛÌÔ. ÎfiÌË Î È Û ÌÂÚ Ó appleôï ÌÂÁ ÏÔ appleôûôûùfi Û Â ˆÓ Ì ˆÛË ÊÔÚÔÏÔÁ Û ÌappleÂÚÈÏ Ì ÓÂÈ ÂÌappleÈÛÙÂ Ì Ù. ÈÂıÓ ÂÌappleÈÛÙÂ Ì Ù ÈÂıÓ ÂÌappleÈÛÙÂ Ì Ù È appleôóù È applefi ÙÔ ÓfiÌÔ appleâú ÈÂıÓÒÓ ÌappleÈÛÙÂ Ì ÙˆÓ ÙË appleúô. ÈÂıÓ ÂÌappleÈÛÙÂ Ì Ù ÂÓ ÊÔÚÔÏÔÁÔ ÓÙ È ÛÙËÓ appleúô. ÙËÓ appleú ÍË, Ù appleúè Î ÈÂıÓ ÂÌappleÈÛÙÂ Ì Ù appleôï Ì ÓÔ Ó ÛËÌ ÓÙÈÎ ÊÔÚÔÏÔÁÈÎ appleïâôóâîù Ì Ù, Ù ÔappleÔ appleúôûê ÚÔ Ó ÛËÌ ÓÙÈÎ Ó ÙfiÙËÙ ÊÔÚÔÏÔÁÈÎÔ appleúôáú ÌÌ ÙÈÛÌÔ ÛÙ ÂÓ È ÊÂÚfiÌÂÓ Ì ÚË. ÚfiÏÔ appleô Ù ÊÔÚÔÏÔÁÈÎ ı Ì Ù appleô Û ÂÙ ÔÓÙ È Ì ٠ÂÌappleÈÛÙÂ Ì Ù Â Ó È ÚÎÂÙ appleôï appleïôî, Ù appleèô Î Ùˆ appleïâôóâîù Ì Ù Â Ó È ÂÓ ÂÈÎÙÈÎ ÙˆÓ appleèı ÓÒÓ ÂappleÈÏÔÁÒÓ appleô appleúôûê ÚÔÓÙ È ÛÙ ÂÓ È ÊÂÚfiÌÂÓ Ì ÚË ŸÏ Ù ÂÈÛÔ Ì Ù ÂÓfi ÈÂıÓÔ ÂÌappleÈÛÙÂ Ì ÙÔ ( ËÏ ÙÔ ÔappleÔ Ô Ë appleâúèô Û Â Ó È ÂÎÙfi appleúô Î È Ù ÛÔ appleëá Ô Ó ÂÎÙfi appleúô )  Ù appleúô Ú ÔÓÙ È applefi ÂÌappleÔÚÈÎ Ú ÛÙËÚÈfiÙËÙ Â Ù fi È ÂÓ applefiîâèóù È Û ÊÔÚÔÏÔÁ ÛÙËÓ appleúô ÌÂÚ ÛÌ Ù, ÔÈ ÙfiÎÔÈ Ù ÏÏ ÛÔ appleô ÂÈÛappleÚ ÙÙÂÈ Ó ÂÌapple ÛÙÂ Ì applefi ÌÈ appleúè Î ÂÙ ÈÚ ÈÂıÓÒÓ Ú ÛÙËÚÈÔÙ ÙˆÓ Â Ó È Âapple ÛË ÊÔÚÔÏfiÁËÙ Ú Ë applefi ÙËÓ ÂÎappleÔ ËÛË appleâúèô ÛÈ ÎÒÓ ÛÙÔÈ Â ˆÓ ÂÓfi ÈÂıÓÔ ÂÌappleÈÛÙÂ Ì ÙÔ ÂÓ applefiîâèóù È Û ÊÔÚÔÏÔÁ ÎÂÊ Ï ÈÔ ÈÎÒÓ ÎÂÚ ÒÓ ÛÙËÓ appleúô Ô ÊÔÚÔÏfiÁËÙÔ Î ıâûùò ÙˆÓ ÈÂıÓÒÓ ÂÌappleÈÛÙÂ Ì ÙˆÓ ÂÓ ÂappleËÚ ÂÙ È ÛÙˆ Î È Ó ÔÈ ÏÏÔ appleô appleô ËÌÈÔ ÚÁÔ Ó ÈÂıÓ ÂÌappleÈÛÙÂ Ì Ù ÎÔÏÔ ıˆ Ê appleëúâù ÛÔ Ó Î È ÂÁÎ Ù ÛÙ ıô Ó ÛÙËÓ appleúô 74

77 ÌappleÈÛÙÂ Ì Ù appleâúèô ÛÈ Î ÛÙÔÈ Â ÂÓfi ÈÂıÓÔ ÂÌappleÈÛÙÂ Ì ÙÔ ÂÓ applefiîâèóù È Û ÊÔÚÔÏÔÁ ÎÏËÚÔÓÔÌÈ ÛÙËÓ appleúô ÂÌappleÈÛÙÂ Ì Ù Û Ó ıˆ ÚËÛÈÌÔappleÔÈÔ ÓÙ È applefi  appleôú ÙÔÌ Ì ÛÎÔapplefi Ó appleúôûù Ù ÛÔ Ó ÙËÓ appleâúèô Û ÙÔ applefi ÊfiÚÔ ÎÏËÚÔÓÔÌÈ ÎÂÊ Ï ÈÔ ÈÎÒÓ ÎÂÚ ÒÓ ÙË apple ÙÚ ÙÔ. ªappleÔÚÔ Ó Âapple ÛË Ó ÚËÛÈÌÔappleÔÈËıÔ Ó applefi ÏÏÔ appleô 75

78 ÌÊˆÓ Â appleôê Á ÈappleÏ ºÔÚÔÏÔÁ ÈÛappleÚ ÎÙ ÛÙËÓ appleúô ªÂÚ ÛÌ Ù fiîôè ÈÎ ÈÒÌ Ù % % % Á appleùô ÛÙÚ µ ÏÁÈÔ 10/ µô ÏÁ Ú 5/10 -/7 10 ÏÏ 10/15 -/10 -/5 ÂÚÌ Ó 10/15 -/10 -/5 ÈÔ ÁÎÔÛÏ Ó 10/15 -/10 - ÏÏ / ÓˆÌ ÓÔ µ Û ÏÂÈÔ /5 ÓˆÌ Ó ÔÏÈÙ  5/15 -/10 - Ï Ó Ë 10 10/15 5/10/15 πó 10/15 -/10 10/15 πúï Ó - - -/5 πù Ï Ó 15 -/15 -/10 Ó Ô ÈÙ 10 -/10 -/5  ÎÔÚˆÛÛ 10/ ÓÔ -/5 -/5 - ª ÏÙ - -/10 10 ª Ú ÎÈÔ ÔÚ ËÁ -/5 - - fiùèô ÊÚÈÎ ÁÁ Ú 5/15 -/10 - ÔÏˆÓ 10 - /10 5 ƒô Ì Ó 10 -/10 -/5 ƒˆû 5/ ÈÁÎ appleô ÚË - 7/10 10 ÏÔ Î 10 -/10 -/5 Ô Ë -/15 -/10 - Ú -/15 -/10 1/15 Û 10 -/10 -/5 76

79 ÌÊˆÓ Â appleôê Á ÈappleÏ ºÔÚÔÏÔÁ ÏËÚˆÙ applefi appleúô ªÂÚ ÛÌ Ù Î È fiîôè ÂÓ apple Ú ÂÈ apple Ú ÎÚ ÙËÛË ÊfiÚÔ fiûôó ÊÔÚ appleïëúˆì ÌÂÚÈÛÌ ÙˆÓ Û ÌË ÊÔÚÔÏÔÁÈÎÔ Î ÙÔ ÎÔ appleúô. fiîôè ÂÓ apple Ú ÂÈ apple Ú ÎÚ ÙËÛË ÊfiÚÔ fiûôó ÊÔÚ appleïëúˆì ÙfiÎˆÓ Û ÌË ÊÔÚÔÏÔÁÈÎÔ Î ÙÔ ÎÔ appleúô. ÈÎ ÈÒÌ Ù ÂÎÌÂÙ ÏÏ ÛË ÂÓ apple Ú ÂÈ apple Ú ÎÚ ÙËÛË ÊfiÚÔ ÁÈ ÈÎ ÈÒÌ Ù ÂÎÌÂÙ ÏÏ ÛË Â Ó ÙÔ ÈÎ ˆÌ ÚËÛÈÌÔappleÔÈÂ Ù È ÂÎÙfi appleúô. 77

80 ÏËÚˆÌ ºfiÚˆÓ Î È appleè Ú ÓÛÂÈ ºfiÚÔ ºfiÚÔ ÂÈÛÔ Ì ÙÔ ÚÔÛˆÚÈÓ ÊÔÚÔÏÔÁ PAYE Ì ÓÙÈÎ ÂÈÛÊÔÚ º ÚÔıÂÛÌ appleïëúˆì 1/8 ÙÔ ÂapplefiÌÂÓÔ ÙÔ appleè Ú ÓÛÂÈ È ÁÎ ÈÚË appleô ÔÏ, ÙfiÎÔ 9% ÂÙËÛ ˆ. È ÌË ÁÎ ÈÚË appleô ÔÏ, 5% appleúfiûùèìô Î È ÙfiÎÔ 9% ÂÙËÛ ˆ 1/8, 30/9, 31/12 È ÁÎ ÈÚË appleô ÔÏ ÙfiÎÔ 9% ÂÙËÛ ˆ. È ÌË ÁÎ ÈÚË appleô ÔÏ Î È Î ÔÛË appleúôûˆúèó ÂappleÈ ÔÏ appleúfiûùèìô 5% Î È ÙfiÎÔ 9% ÁÈ Î ıâ Î ı ÛÙÂÚËÌ ÓË fiûë ÏÔ ÙÔ ÂapplefiÌÂÓÔ Ì Ó ÏÔ ÙÔ ÂapplefiÌÂÓÔ Ì Ó 10 Ì Ú ÌÂÙ ÙÔ Ù ÏÔ ÙÔ Ì Ó appleô ÎÔÏÔ ıâ ÙÔ Ù ÏÔ ÙË appleâúèfi Ô º fiîô 9% appleï ÔÓ appleúfiûıâùë ÂappleÈ Ú ÓÛË 1% ÁÈ Î ıâ Ì Ó Î ı ÛÙ ÚËÛË fiîô 9% ÂÙËÛ ˆ applefi ÙËÓ appleúòùë Ì Ú ÔÊÂÈÏ È ÌË ÁÎ ÈÚË appleô ÔÏ ÙË ÊÔÚÔÏÔÁÈΠψÛË í30 appleúfiûùèìô, ÁÈ Î ıâ Ì Ó, 10% appleúfiûùèìô Âapple ÙÔ ÔÊÂÈÏfiÌÂÓÔ appleôûô Î È 9% ÙfiÎÔ ÂÙËÛ ˆ. 78

81 BDO Philippides Â ÎˆÛ Ó Ù ÈÚÔÈ Î È ÓÒÙÂÚÔ È ı ÓÙ ÂÌÂÛfi ÈÒÚÁÔ ºÈÏÈappleapple Ë ÚÈ ÎÔ ÁÎÔ ÏÔ ÃÚ ÛÙÔ ºˆÙÈ Ë ÃÚ ÛÙÔ Ã ªÂÚ ÎÏ È ı ÓÛË ÂˆÊ. ÓÓÂÙ Ú. 70 ª Á ÚÔ apple ÛÈÏÂ Ô 27007, 1641 Â ÎˆÛ appleúô TËÏ ÊˆÓÔ T ÏÂÊ Í [email protected] Ó Ù ÈÚÔ ƒfië ª ÔÙ Ì ÙË [email protected] È ı ÓÛË ª Á ÚÔ ÕÏÊ ÂˆÊ. Ú. ª Î Ú Ô Ú , 3507 ÂÌÂÛfi appleúô TËÏ ÊˆÓÔ T ÏÂÊ Í [email protected] 79

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83 Network fee income ($m) growth (%) offices partners PricewaterhouseCoopers Deloitte Ernst & Young KPMG International ,900 BDO International RSM International Grant Thornton International Baker Tilly 1, International Accounting Bulletin December 2004 The level of growth of BDO is at a pace equal to, if not faster than the competition, and indicates that BDO enjoys a unique position in the market. Having to spend time and effort conforming to the ever-increasing demands of regulators may be perceived as a burden, but is actually creating competitive opportunities. The unshakeable belief of all BDO employees in the paramount importance of integrity, together with the close relationships our partners have formulated not only with their clients, but with their BDO colleagues around the world, have given us an edge. Clients from every sphere are taking notice. The BDO brand and the promise it delivers is a formidable one. Frans Samyn CEO, BDO International

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