The government adopted Thursday amendments to the companies act, which harmonises Slovenia's corporation legislation with the acquis. Economics Minister Andrej Vizjak was hopeful that the amendments could come into effect by the start of next year.
The amendments introduce international accounting standards as of 1 January 2005, harmonise the company legislation with the offences act and the capital adequacy directive, and stipulate environment-friendly standards.
According to the amendments, companies will have to draft annual reports on consolidated business results in line with the international accounting standards as of next year, with the banks and insurances to follow suit by 2007 at the latest.
The amendments also change the terms for classifying companies, stipulating that only companies reporting sales revenues over SIT 1.7bn (EUR 7.08m) can classify as large enterprises. The threshold is currently set at SIT 1bn (EUR 4.17m).
According to Vizjak, the changed legislation will speed up the procedure of registering new companies, as the registration administration will be transfered from the Tax Administration to the Agency for Public Legal Records and Services.
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