Accounting

A group of independent auditors hired by Albania's electricity distribution network operator OSHEE, to audit its financial statements for 2014, has refused to give an opinion, noting inconsistencies in the data.

The unaudited financial statements of the company shows that in 2014 revenues jumped to 47.2 billion leks (?337 million) from 37.7 billion leks (?269 million) in 2013.

Bulgaria's government has approved a draft Accountancy Act envisaging anti-red tape provisions.

The bill complies with the EU Directive on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, according to a media statement of Bulgaria's Council of Ministers.

The president of Toshiba and seven other high-level executives and directors resigned on July 21 over a $1.2 billion accounting scandal blamed on management's overzealous pursuit of profit that has battered one of Japan's best-known firms.

Turkey?s foreign liabilities have jumped by $41 billion while the rise in its foreign assets remained at $4 billion, revealing the vulnerabilities of the country The ?equilibrium? situation in countries? relations with global economy has vital significance.

By Prokopis Hatzinikolaou

Small and medium-sized Greek enterprises with an annual turnover of up to 10,000 euros will be able to spare themselves from the system of value-added tax returns as long as they submit an application by Monday, January 12.

As of January 5, Monday, natural persons can submit their tax return forms to Bulgaria's National Revenue Agency, officials have announced.  

The deadline for tax statements and payment is April 30. Declarations can be sent online using an e-signature.