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Albania

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© 2010 The International Bank for Reconstruction and Development / The World Bank

1818 H Street NW

Washington, DC 20433

Telephone 202-473-1000

Internet www.worldbank.org

All rights reserved.

1 2 3 4 08 07 06 05

A copublication of The World Bank and the International Finance Corporation.

This volume is a product of the staff of the World Bank Group. The findings, interpretations and conclusions

expressed in this volume do not necessarily reflect the views of the Executive Directors of the World Bank or the

governments they represent. The World Bank does not guarantee the accuracy of the data included in this work.

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[email protected].

Additional copies of Doing Business 2011: Making a Difference for Entrepreneurs, Doing Business 2010:

Reforming through Difficult Times, Doing Business 2009, Doing Business 2008, Doing Business 2007: How to

Reform, Doing Business in 2006: Creating Jobs, Doing Business in 2005: Removing Obstacles to Growth and

Doing Business in 2004:Understanding Regulations may be purchased at www.doingbusiness.org.

ISBN: 978-0-8213-7960-8

E-ISBN: 978-0-8213-8630-9

DOI: 10.1596/978-0-8213-7960-8

ISSN: 1729-2638

Library of Congress Cataloging-in-Publication data has been applied for.

Printed in the United States

Current features News on the Doing Business project

http://www.doingbusiness.org

Rankings How economies rank-from 1 to 183

http://www.doingbusiness.org/rankings/

Reformers Short summaries of DB2011 reforms, lists of reformers since DB2004

and a ranking simulation tool

http://www.doingbusiness.org/reforms/

Historical dataCustomized data sets since DB2004

http://www.doingbusiness.org/custom-query/

Methodology and research The methodologies and research papers underlying Doing Business

http://www.doingbusiness.org/Methodology/

Download reports Access to Doing Business reports as well as subnational and regional

reports, reform case studies and customized country and regional

profiles

http://www.doingbusiness.org/reports/

Subnational and regional projects Differences in business regulations at the subnational and regional

level

http://www.doingbusiness.org/subnational-reports/

Law LibraryOnline collection of business laws and regulations relating to

business and gender issues

http://www.doingbusiness.org/law-library/

http://wbl.worldbank.org/

Local partners More than 8,200 specialists in 183 economies who participate in

Doing Business

http://www.doingbusiness.org/Local-Partners/Doing-Business/

Business Planet Interactive map on the ease of doing business

http://rru.worldbank.org/businessplanet

Contents

Introduction

and Aggregate Rankings

5 - Year Measure of

Cumulative Change

Starting a Business

Dealing with

Construction Permits

Registering Property

Getting Credit

Protecting Investors

Paying Taxes

Trading Across Borders

Enforcing Contracts

Closing a Business

Doing Business 2011

Business Reforms

1

Doing Business 2011 : Making a Difference for Entrepreneurs is the eighth in a series of annual reports investigating

regulations that enhance business activity and those that constrain it. Doing Business presents quantitative indicators

on business regulations and the protection of property rights that can be compared across 183 economies, from

Afghanistan to Zimbabwe, over time.

A set of regulations affecting 9 stages of a business’s life are measured: starting a business, dealing with construction

permits, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing

contracts and closing a business. Data in Doing Business 2011 are current as of June 1, 2010*. The indicators are used

to analyze economic outcomes and identify what reforms have worked, where, and why.

The Doing Business methodology has limitations. Other areas important to business such as an economy ’s proximity

to large markets, the quality of its infrastructure services (other than those related to trading across borders), the

security of property from theft and looting, the transparency of government procurement, macroeconomic conditions

or the underlying strength of institutions, are not studied directly by Doing Business. To make the data comparable

across economies, the indicators refer to a specific type of business, generally a local limited liability company

operating in the largest business city. Because standard assumptions are used in the data collection, comparisons and

benchmarks are valid across economies. The data not only highlight the extent of obstacles to doing business; they

also help identify the source of those obstacles, supporting policymakers in designing reform.

The data set covers 183 economies: 46 in Sub-Saharan Africa, 32 in Latin America and the Caribbean, 25 in Eastern

Europe and Central Asia, 24 in East Asia and Pacific, 18 in the Middle East and North Africa and 8 in South Asia, as

well as 30 OECD high-income economies.

The following pages present the summary Doing Business indicators for Albania. The data used for this economy

profile come from the Doing Business database and are summarized in graphs. These graphs allow a comparison of

the economies in each region not only with one another but also with the “good practice” economy for each indicator.

The good-practice economies are identified by their position in each indicator as well as their overall ranking and by

their capacity to provide good examples of business regulation to other countries. These good-practice economies do

not necessarily rank number 1 in the topic or indicator, but they are in the top 10.

More information is available in the full report. Doing Business 2011 : Making a Difference for Entrepreneurs

presents the indicators, analyzes their relationship with economic outcomes and recommends reforms. The data, along

with information on ordering the report, are available on the Doing Business website (www.doingbusiness.org).

* Except for the Paying Taxes indicator that refers to the period January to December of 2009.

Note: 2008-2010 Doing Business data and rankings have been recalculated to reflect changes to the methodology

and the addition of new economies (in the case of the rankings).

Economy Rankings - Ease of Doing Business

Albania's ranking in Doing Business 2011

Albania - Compared to global good practice economy as well as selected economies:

Albania is ranked 82 out of 183 economies. Singapore is the top ranked economy in the Ease of Doing Business.

Doing Business 2011

Ease of Doing Business 82

Starting a Business 45

Dealing with Construction Permits 170

Registering Property 72

Getting Credit 15

Protecting Investors 15

Paying Taxes 149

Trading Across Borders 75

Enforcing Contracts 89

Closing a Business 183

Rank

2

Summary of Indicators - Albania

Starting a Business Procedures (number) 5

Time (days) 5

Cost (% of income per capita) 16.8

Min. capital (% of income per capita) 0.0

Dealing with Construction Permits Procedures (number) 24

Time (days) 331

Cost (% of income per capita) 381.3

Registering Property Procedures (number) 6

Time (days) 42

Cost (% of property value) 3.4

Getting Credit Strength of legal rights index (0-10) 9

Depth of credit information index (0-6) 4

Public registry coverage (% of adults) 8.3

Private bureau coverage (% of adults) 0.0

Protecting Investors Extent of disclosure index (0-10) 8

Extent of director liability index (0-10) 9

Ease of shareholder suits index (0-10) 5

Strength of investor protection index (0-10) 7.3

Paying Taxes Payments (number per year) 44

Time (hours per year) 360

Profit tax (%) 8.5

Labor tax and contributions (%) 27.3

Other taxes (%) 4.9

Total tax rate (% profit) 40.6

Trading Across Borders Documents to export (number) 7

Time to export (days) 19

Cost to export (US$ per container) 725

Documents to import (number) 9

Time to import (days) 18

Cost to import (US$ per container) 7103

Enforcing Contracts Procedures (number) 39

Time (days) 390

Cost (% of claim) 38.7

Closing a Business Recovery rate (cents on the dollar) 0.0

Time (years) no practice

Cost (% of estate) no practice

The 5 year measure of cumulative change illustrates how the business regulatory environment has changed in 174 economies

from Doing Business 2006 to Doing Business 2011. Instead of highlighting which countries currently have the most business

friendly environment, this new approach shows the extent to which an economy’s regulatory environment for business has

changed compared with 5 years ago.

This snapshot reflects all cumulative changes in an economy’s business regulation as measured by the Doing Business

indicators-such as a reduction in the time to start a business thanks to a one-stop shop or an increase in the strength of

investor protection index thanks to new stock exchange rules that tighten disclosure requirements for related -party

transactions.

This figure shows the distribution of cumulative change across the 9 indicators and time between Doing Business 2006 and

Doing Business 2011

0.00

0.04

0.08

0.12

0.16

0.20

0.24

Croatia Macedonia,FYR

Albania Bosnia andHerzegovina

Hungary Greece

Doing

business has

become

easier (DB

change

score)

1. Benchmarking Starting a Business Regulations:

Albania is ranked 45 overall for Starting a Business.

Ranking of Albania in Starting a Business - Compared to good practice and selected economies:

7

Procedures

(number)

Time (days) Cost (% of

income per

capita)

Min. capital

(% of income

per capita)

Denmark* 0.0

New Zealand* 1 1 0.0

Good Practice

Economies

Albania 5 5 16.8 0.0

Selected Economy

Bosnia and Herzegovina 12 55 17.7 30.5

Croatia 6 7 8.6 13.7

Greece 15 19 20.7 22.3

Hungary 4 4 8.2 10.2

Macedonia, FYR 3 3 2.5 0.0

Montenegro 7 10 1.9 0.0

Comparator Economies

The following table shows Starting a Business data for Albania compared to good practice and comparator economies:

* The following economies are also good practice economies for :

Procedures (number): Canada

Cost (% of income per capita): Slovenia

8

Starting a Business data Doing Business

2008

Doing Business

2009

Doing Business

2010

Doing Business

2011

Rank .. .. 44 45

Procedures (number) 10 6 5 5

Time (days) 36 8 5 5

Cost (% of income per capita) 25.6 25.8 17.0 16.8

Min. capital (% of income per capita) 34.3 32.3 0.0 0.0

2. Historical data: Starting a Business in Albania

3. The following graphs illustrate the Starting a Business sub indicators in Albania over the past 4 years:

9

Starting a Business Summary - Albania

Registration Requirements:

STANDARDIZED COMPANY

Legal Form: Limited Liability Company (Shpk)

City: Tirana

This table summarizes the procedures and costs associated with setting up a business in Albania.

No: Procedure Time to complete Cost to complete

Search for a unique company name 1 1 ALL 100

Notarize the incorporation documents 2 1 ALL 8700

Request and obtain the Registration Certification and unique business

identification number with National Registration Center, NRC

(Qendra Kombëtare për Regjistrim,QRK)

3 1 ALL 100

Registration with the Municipality Bureau of Internal Revenue 4 1 ALL 46500

Make a company seal 5 1 ALL (3,000 - 5,000)

10

Procedure Search for a unique company name 1

Time to complete: 1

Cost to complete: ALL 100

Comment:

Procedure Notarize the incorporation documents 2

Time to complete: 1


Comment: Fees to notarize the incorporation documents include:

- Articles of incorporation: ALL 2,700.

- Statute: ALL 2,700.

- Eventual special proxy to an attorney: ALL 3,300.

The above-mentioned professional fees are charged mostly in Euros.

The legal fees for drafting the statute and the articles of incorporation vary greatly (from USD 100

to over USD 1,000), depending on the quality of legal services.

Procedure Request and obtain the Registration Certification and unique business identification

number with National Registration Center, NRC (Qendra Kombëtare për

Regjistrim,QRK)

3

Time to complete: 1


Comment: The NRC Law has established the National Registration Center as a new central public institution,

which functions as a Single window where the entrepreneur can complete company registration,

tax registration, social insurance, health insurance and labor directorate registration using a single

application procedure (Article 59 of the law no. 9723 "on National Registration Center: NRC").

According to law no. 9723 "on National Registration Center: NRC", it takes 1 day to register at the

NR since the electronic registry is now fully operational and has increased in capacity.

Procedure Registration with the Municipality Bureau of Internal Revenue 4

Time to complete: 1


Comment: Local fees and tariffs include:

- Environmental tax : ALL 25,000

- Green tax: ALL 5,000.

- Billboard fee: ALL 1,500 (in Albanian) – ALL 3,000 (in foreign language) a year.

- Property tax (assuming 100 sq. m in space), applied to any company-owned immovable property:

ALL 200 per sq. m. a year.

Starting a Business Details - Albania

11

Companies may pay local fees and taxes by Alba Post( a state-owned mailing services company) or

commercial bank and must obtain proof of payment.

Procedure Make a company seal 5

Time to complete: 1

Cost to complete: ALL (3,000 - 5,000)

Comment:

12

1. Benchmarking Dealing with Construction Permits Regulations:

Albania is ranked 170 overall for Dealing with Construction Permits.

Ranking of Albania in Dealing with Construction Permits - Compared to good practice and selected economies:

14

Procedures

(number)


income per

capita)

Denmark 6

Qatar 0.8

Singapore 25

Good Practice

Economies

Albania 24 331 381.3

Selected Economy

Bosnia and Herzegovina 16 255 578.1

Croatia 13 315 850.9

Greece 15 169 52.9

Hungary 31 189 9.8

Macedonia, FYR 21 146 1601.4

Montenegro 19 230 1215.0


The following table shows Dealing with Construction Permits data for Albania compared to good practice and comparator

economies:

15

Dealing with Construction Permits data Doing Business

2008

Doing Business

2009

Doing Business

2010

Doing Business

2011

Rank .. .. 172 170


Time (days) 331 331 331 331

Cost (% of income per capita) 461.0 435.0 386.1 381.3

2. Historical data: Dealing with Construction Permits in Albania

3. The following graphs illustrate the Dealing with Construction Permits sub indicators in Albania over

the past 4 years:

16

Dealing with Construction Permits in Albania


BUILDING A WAREHOUSE

City: Tirana

The table below summarizes the procedures, time, and costs to build a warehouse in Albania.


1 Request and obtain recent property ownership certificate 30 days ALL 2,870

2 Request and obtain extract of master plan of the plot from the Urban

Planning Department

30 days ALL 4,000*

3 Request and obtain document attesting that the firm has no unpaid

environmental fines

1 day ALL 200*

4 Request and obtain opinion of the District Urban Planning Department 10 days ALL 2,000*

5 Request and obtain project clearance from water authority 9 days ALL 3,000*

6 Request and obtain project clearance from environmental protection

agency

8 days no charge*

7 Request and obtain electricity authority approval 5 days ALL 500*

8 Request and obtain Fire Department approval 30 days ALL 20,000*

17

9 Request a land permit from Urban Planning Department (Technical

Commission)

1 day no charge

10 Receive inspection from Technical Commission 1 day no charge*

11 Request and obtain decision of the Technical Commission 90 days ALL 800,000*

12 Request and obtain Building Permit 45 days ALL 400,000

13 Receive on-site inspection of construction foundations 1 day no charge

14 Receive on-site inspection of the completion of construction skeleton 1 day no charge

15 Receive on-site inspection of the adjustment of the surroundings of the

building according to the drawings

1 day no charge

16 Request and connect to telecommunications services 30 days ALL 30,000*

17 Request and connect to water and sewage services 20 days ALL 40,000*

18 Request and connect to electricity services 20 days ALL 40,000*

19 Submit report on the completion of works and request on-site inspection

by an authorized expert

1 day no charge

20 Receive on-site inspection by an authorized expert and obtain approval 30 days no charge

21 Receive inspection from municipality 1 day no charge

22 Receive compliance report after inspection 2 days no charge

23 Obtain occupancy permit 30 days no charge

24 Register with the Real Estate Registry 60 days ALL 4,320

* Takes place simultaneously with another procedure.

18

Procedure Request and obtain recent property ownership certificate 1

Time to complete: 30 days

Cost to complete: ALL 2,870

Agency: Real Estate Registry

Comment: The certificate of ownership of property (the construction site) can be obtained from the

Real Estate Registry. As of February 2008 the validity term of the certificate should be at

most 72 hours. The Registry’s automated system expedites this process. As of February

2008 Real Estate Registry started including the mailing fee into the cost of obtaining a

recent copy of property ownership certificate.

Procedure Request and obtain extract of master plan of the plot from the Urban Planning

Department

2



Agency: Municipal Urban Planning Department

Comment: The master and general plans of the plot are issued by the municipality’s Urban Planning

Department. The general plan is a topographic map of the situation of the existing

property, while the master plan is a plan of the proposed development. The fee covers

both plans. The master plan should contain the approval of the municipality’s Department

of Road Projects which can be done internally. Article 36 of the Law On City Planning

states that the plot’s master plan must be submitted to the technical secretary of the

Territory Management Council and to the municipality within 15 days of the date of its

inclusion. It will be available to the company within 30 days.

Procedure Request and obtain document attesting that the firm has no unpaid environmental fines 3

Time to complete: 1 day


Agency: Environmental Authority

Comment: This attestation is required by Point 18 of the Council of Ministers’ approval of the city

planning regulations. It must be submitted with the required set of documents when

applying for the construction site permit and the construction permit (up to three stories).

Procedure Request and obtain opinion of the District Urban Planning Department 4



Agency: District Urban Planning Department

Comment: BuildCo should request an attestation on the drawings’ compliance with urban zoning

regulations from the district Urban Planning Department. This requirement is provided

for by Point 21 of the regulations on construction (of up to three stories), "Documents

That an Investor Should Submit for Obtaining Construction Site Permit and Construction

Dealing with Construction Permits Details - Albania

19

Permit," published by the Council of Tirana Municipality.

Procedure Request and obtain project clearance from water authority 5



Agency: Water Authority

Comment: The water authority approves the project and indicates the nearest water supply sources.

Since January 2008 the Water and Sewage Company introduced a new cost for granting a

project clearance at the initial stage of designing at the amount of ALL 3,000.

Procedure Request and obtain project clearance from environmental protection agency 6


Cost to complete: no charge

Agency: Environmental Protection Agency

Comment:

Procedure Request and obtain electricity authority approval 7



Agency: Korporata Elektro-energjetike Shqiptare (Kesh)

Comment:

Procedure Request and obtain Fire Department approval 8



Agency: Fire Department

Comment: This procedure takes 30 days because while the Fire Department gives the approval, the

Prefecture holds the actual seal that must be used to stamp the approval. In practice, the

public actually make this request at the Prefecture (although according to the Fire

Department, the law stipulates that Fire Department is the handling agency). The Fire

Department then has to call the Prefecture to ask for files, which are forwarded to the Fire

Department. The Fire Department must then review and send back to the Prefecture to

stamp the approval. This procedure can takes place twice, before the Land Permit and

before the Building Permit.

The fee for this procedure is 0.5% of the project value for objects with investment value

of up to ALL 50 million, according to Decision No. 285 (of June 27, 2002) "On Tariffs of

the Police for Protection against Fire Services." The fee is estimated at 0.5% of the design

value (generally 10% of the warehouse value, which would be ALL 4 million in the case

considered here). Hence, the fee is ALL 20,000. This cost is to cover the both stages- for

20

land permit and for building permit.

Procedure Request a land permit from Urban Planning Department (Technical Commission) 9




Comment: BuildCo must request the Urban Planning Department to issue a land clearance for the

construction site.

Procedure Receive inspection from Technical Commission 10




Comment: Upon inspection, the Technical Commission prepares an authorization letter, attesting that

the land is clear for construction.

Procedure Request and obtain decision of the Technical Commission 11



Agency: Territory Adjustment Commission

Comment: The Territory Adjustment Commission convenes every 30 days. It is a commission

chaired by the mayor that is constituted of 9 members—the mayor, 6 from political

parties, 1 elected by 2/3 of the municipal council and 1 representative of the central

government. However, owing to the recent backlog, with too many files processed by too

few civil servants, as of April 2007, the Commission had not convened since December

2006. The fee is 2-4% of the overall project value.

Procedure Request and obtain Building Permit 12



Agency: Territory Adjustment Commission

Comment: The building permit is valid for a term determined by the Territory Adjustment

Commission. According to Article 46 of the law "On City Planning," the permit is valid

for 180 days. This permit grants the right to build on the site (construction site permit is

already granted).

The building permit shall be issued to only juridical persons who are licensed contractors.

Several forms and documents are required to obtain this permit:

- Technical project.

- Chart of construction work.

- Table of costs.

- Seismologic study.

21

According to Article 50 of the law "On City Planning," the Territory Management

Council has 45 days to decide on the construction permit. According to Article 51 of the

same law, the fee is 1% of the investment value.

As of 2008 construction companies do not have to notify the construction police about the

start of construction works. The construction police has been moved under the

Municipality’s Urban Planning Department.

Procedure Receive on-site inspection of construction foundations 13




Comment: The on-site inspection occurs in 6–7 days.

Procedure Receive on-site inspection of the completion of construction skeleton 14





Procedure Receive on-site inspection of the adjustment of the surroundings of the building

according to the drawings

15





Procedure Request and connect to telecommunications services 16



Agency: Albtelecom

Comment:

Procedure Request and connect to water and sewage services 17

22



Agency: Water and Sewerage Agencies

Comment:

Procedure Request and connect to electricity services 18



Agency: Korporata Elektro-energjetike Shqiptare (Kesh)

Comment:

Procedure Submit report on the completion of works and request on-site inspection by an

authorized expert

19




Comment: Within 30 days of completing construction, BuildCo submits to the Urban Planning

Department a report that documents construction materials and associated costs and

requests an inspection of the construction site.

Procedure Receive on-site inspection by an authorized expert and obtain approval 20




Comment: The authorized expert from the Urban Planning Department will sign the inspection

completion statement after performing the on-site inspection.

Procedure Receive inspection from municipality 21




Comment: The municipal inspection takes place several weeks later.

Procedure Receive compliance report after inspection 22

23




Comment: The construction firm usually receives the compliance report within 2-3 days of

inspection. Another 30 days are required to obtain the occupancy permit.

Procedure Obtain occupancy permit 23




Comment: The occupancy permit grants the right to use the building after construction is completed.

Addressed to the Urban Planning Department, the request must be accompanied by a set

of documents related to the construction process and by the completion statement, duly

signed by the authorized expert.

Procedure Register with the Real Estate Registry 24



Agency: Real Estate Registry

Comment: Upon receiving the occupancy permit, BuildCo registers the warehouse with the Real

Estate Registry. It does so by submitting the construction file, which includes the building

permit and inspection reports (cited in Procedure 1). The registration tax is EUR 8 per sq.

m., or EUR 10,405. (The total fee thus corresponds to ALL 4,250.)

24

1. Benchmarking Registering Property Regulations:

Albania is ranked 72 overall for Registering Property.

Ranking of Albania in Registering Property - Compared to good practice and selected economies:

26

Procedures

(number)


property

value)

New Zealand* 2

Norway* 1

Saudi Arabia 0.0

Good Practice

Economies

Albania 6 42 3.4

Selected Economy


Croatia 5 104 5.0

Greece 11 22 12.7

Hungary 4 17 5.0


Montenegro 7 71 3.3


The following table shows Registering Property data for Albania compared to good practice and comparator economies:


Procedures (number): United Arab Emirates

Time (days): Saudi Arabia, Thailand, United Arab Emirates

27

Registering Property data Doing Business

2008

Doing Business

2009

Doing Business

2010

Doing Business

2011

Rank .. .. 69 72


Time (days) 42 42 42 42

Cost (% of property value) 3.5 3.4 3.4 3.4

2. Historical data: Registering Property in Albania

3. The following graphs illustrate the Registering Property sub indicators in Albania over the past 4

years:

28

Registering Property in Albania

STANDARDIZED PROPERTY Property Value: 17,660,061.35

City: Tirana

This topic examines the steps, time, and cost involved in registering property in Albania.


1 The seller obtains an ownership title certificate 10 days (simultaneous

with procedures 2 and

3)

950 ALL (500 ALL is the

property certificate and 450

is the map)

*

2 Verification of property certificate and relevant map

at the Real Estate Property Registry

2 days (simultaneous


3)

550 ALL (updated record

file) + 950 ALL (updated

certificate of title with a

layout)

*

3 Comparison of property map with the real situation

and position of the land

1 day (simultaneous


2)

50 to 100 ALL per square

meter of the land

*


29

4 Notarization of the sale and purchase contract by a

notary public

1 day The fees applied are

calculated according to the

following schedule:Value of

real estate

property

Notary fees From

100,000ALL up to

3,000,000 ALL 3,500

to 7,000 ( fee is estimated

proportionally)From

3,000,000ALL up to

4,000,000ALL from

7,000ALL up to 8,500ALL

From 4,000,000ALL up to

6,000,000ALL from

8,500ALL up to 10,000ALL

From 6,000,000ALL up to

8,000,000ALL from

10,000ALL up to

15,000ALL From

8,000,000ALL up to

10,000,000ALL from

15,000ALL up to

18,000ALL From

10,000,000ALL up to

15,000,000ALL from

18,000ALL up to

23,000ALLFrom

15,000,000ALL up to

25,000,000ALL from

23,000ALL up to

30,000ALL From

25,000,000ALL up to

40,000,000ALL from

30,000ALL up to

35,000ALL From

40,000,000ALL up to

50,000,000ALL from

35,000ALL up to

40,000ALL From

50,000,000ALL up to

70,000,000ALL from

40,000ALL up to

50,000ALL From

70,000,000ALL up to

100,000,000ALL from

50,000ALL up to

100.000ALLOver

100,000,000ALL

Up to 150,000

ALL

30

5 Payment of income tax at a second-tier bank 1 day 0.5% - 3% of property

value, according to the

following scale by Order of

the Ministry of Finance No.

5, dated January 30, 2006:

for properties the sale price

of which is: from 0 up to

ALL 2,000,000, the income

tax is 0.5% of the sale price;

over ALL 2,000,000 up to

ALL 4,000,000 is 1% of the

sale price; over ALL

4,000,000 up to ALL

6,000,000, is 2% of the sale

price; over ALL 6,000,000

and up, is 3% of the sale

price. In addition, the

transfer of property is

subject to 10% capital gains

tax as per the law no: 9716

of 16.04.2007

6 Apply for registration at the Real Estate Registry

Office

30 days 1,800 ALL (730 ALL

registration fee, 950

issuance fee and 120

mailing service fee)

* Takes place simultaneously with another procedure.

31

Procedure The seller obtains an ownership title certificate 1

Time to complete: 10 days (simultaneous with procedures 2 and 3)

Cost to complete: 950 ALL (500 ALL is the property certificate and 450 is the map)

Agency: Real Estate Registry Office

Comment: The seller files with the relevant Real Estate Registry Office the required documents in order

to obtain an updated certificate of title. The Certificate includes the property number, cadastral

area, name of owner, surface in square meters, building data (if there are any) and a special

section certifying that the property is (not) subject to any dispute, lien, encumbrance, mortage

or lease agreement. The Certificate should be associated with the relevant map of the property.

The ownership title certificate is always in possession of the seller. In order to avoid any

possible dispute, a new certificate is strictly required for any kind of property transfer.

Procedure Verification of property certificate and relevant map at the Real Estate Property

Registry

2

Time to complete: 2 days (simultaneous with procedures 1 and 3)

Cost to complete: 550 ALL (updated record file) + 950 ALL (updated certificate of title with a layout)

Agency: Real Estate Property Registry

Comment: The buyer verifies the property Certificate and relevant map at the Real Estate Registry. This

is done in order to avoid any fraud on the part of the seller, as sometimes happens. Such

procedure is not mandatory, but sometimes is considered necessary, especially regarding

properties with considerable economic value.

Procedure Comparison of property map with the real situation and position of the land 3

Time to complete: 1 day (simultaneous with procedures 1 and 2)

Cost to complete: 50 to 100 ALL per square meter of the land

Comment: This procedure prevents the buyer from any dispute with third parties caused from

overlapping, borders misfit and land surface. Verification is performed by a private authorized

expert (topographer) at the buyer's expense. Such procedure is not mandatory, but sometimes

is considered necessary especially regarding properties with considerable economic value. The

fee is between 50 – 100 ALL per square meter of land.

Procedure Notarization of the sale and purchase contract by a notary public 4


Registering Property Details - Albania

32

Cost to complete: The fees applied are calculated according to the following schedule:Value of real estate

property Notary fees From 100,000ALL up to 3,000,000 ALL 3,500

to 7,000 ( fee is estimated proportionally)From 3,000,000ALL up to 4,000,000ALL

from 7,000ALL up to 8,500ALL From 4,000,000ALL up to 6,000,000ALL from

8,500ALL up to 10,000ALL From 6,000,000ALL up to 8,000,000ALL from



18,000ALL up to 23,000ALLFrom 15,000,000ALL up to 25,000,000ALL from





50,000ALL up to 100.000ALLOver 100,000,000ALL Up to

150,000 ALL

Comment:

Procedure Payment of income tax at a second-tier bank 5


Cost to complete: 0.5% - 3% of property value, according to the following scale by Order of the Ministry of

Finance No. 5, dated January 30, 2006: for properties the sale price of which is: from 0 up

to ALL 2,000,000, the income tax is 0.5% of the sale price; over ALL 2,000,000 up to

ALL 4,000,000 is 1% of the sale price; over ALL 4,000,000 up to ALL 6,000,000, is 2%

of the sale price; over ALL 6,000,000 and up, is 3% of the sale price. In addition, the

transfer of property is subject to 10% capital gains tax as per the law no: 9716 of

16.04.2007

Comment: The seller is subject to the income tax due the transfer of the title of ownership on the real

estate property. Such tax is paid at a second-tier bank in the territory of the Republic of

Albania, with whom the relevant Real Estate Registry Office maintains a banking account, and

the seller obtains a receipt of payment of income tax.

The alienation of a real estate property from a legal entity to another one is also subject to

capital gains tax, at a rate of 20% of the transaction value. According to Instruction of

Ministry of Finance and Ministry of Justice No.9, dated 26.02.2008 "On taxes for transfer of

ownership rights of real estates"The income tax for the property transfer is 10% of the sale

price.

Procedure Apply for registration at the Real Estate Registry Office 6


Cost to complete: 1,800 ALL (730 ALL registration fee, 950 issuance fee and 120 mailing service fee)

Agency: Real Estate Registry Office

Comment: The buyer submits the original version of the sale and purchase contract and the bank receipt

for payment of income tax to the relevant Real Estate Registry Office for the registration of

the real estate property under the buyer's name.

The Tirana Real Estate Registry handles the registration of the real estate properties mainly by

means of a computerized system.

33

1. Benchmarking Getting Credit Regulations:

Albania is ranked 15 overall for Getting Credit.

Ranking of Albania in Getting Credit - Compared to good practice and selected economies:

35

Strength of

legal rights

index (0-10)

Depth of

credit

information

index (0-6)

Public

registry

coverage (%

of adults)

Private

bureau

coverage (%

of adults)

New Zealand* 100.0

Portugal 67.1

Singapore* 10

United Kingdom 6

Good Practice

Economies

Albania 9 4 8.3 0.0

Selected Economy

Bosnia and Herzegovina 5 5 30.2 47.2

Croatia 6 4 0.0 81.2

Greece 3 5 0.0 61.5

Hungary 7 5 0.0 11.4

Macedonia, FYR 7 4 39.4 0.0

Montenegro 10 2 26.7 0.0


The following table shows Getting Credit data for Albania compared to good practice and comparator economies:


Strength of legal rights index (0-10): Hong Kong, China, Kenya, Kyrgyz Republic, Malaysia

Private bureau coverage (% of adults): Argentina, Australia, Canada, Iceland, Ireland, Norway, Sweden,

United Kingdom, United States

27 countries have the highest credit information index.

36

Getting Credit data Doing Business

2008

Doing Business

2009

Doing Business

2010

Doing Business

2011

Rank .. .. 14 15

Strength of legal rights index (0-10) 9 9 9 9

Depth of credit information index (0-6) 0 4 4 4

Private bureau coverage (% of adults) 0.0 0.0 0.0 0.0

Public registry coverage (% of adults) 0.0 8.3 9.9 8.3

2. Historical data: Getting Credit in Albania

3. The following graphs illustrate the Getting Credit sub indicators in Albania over the past 4 years:

37

Getting Credit in Albania

The following table summarize legal rights of borrowers and lenders, and the availability and legal framework of credit

registries in Albania.

Getting Credit Indicators (2010) Indicator

Private credit

bureau

Public credit

registry 4 Private bureau coverage (% of adults)

Are data on both firms and individuals distributed? 1No Yes

Are both positive and negative data distributed? 1No Yes

Does the registry distribute credit information from retailers, trade

creditors or utility companies as well as financial institutions?

0No No

Are more than 2 years of historical credit information distributed? 0No No

Is data on all loans below 1% of income per capita distributed? 1No Yes

Is it guaranteed by law that borrowers can inspect their data in the

largest credit registry?

1No Yes

Coverage 8.30.0

Number of individuals 0 190,399

Number of firms 0 7,506

Number of individuals 0 190,399

Number of firms 0 7,506

38

9 Strength of legal rights index (0-10)

Can any business use movable assets as collateral while keeping possession of the assets; and any financial

institution accept such assets as collateral ?

Yes

Does the law allow businesses to grant a non possessory security right in a single category of movable assets,

without requiring a specific description of collateral?

Yes

Does the law allow businesses to grant a non possessory security right in substantially all of its assets, without

requiring a specific description of collateral?

Yes

May a security right extend to future or after-acquired assets, and may it extend automatically to the products,

proceeds or replacements of the original assets ?

Yes

Is a general description of debts and obligations permitted in collateral agreements, so that all types of obligations

and debts can be secured by stating a maximum amount rather than a specific amount between the parties ?

Yes

Is a collateral registry in operation, that is unified geographically and by asset type, as well as indexed by the

grantor's name of a security right ?

Yes

Do secured creditors have absolute priority to their collateral outside bankruptcy procedures? Yes

Do secured creditors have absolute priority to their collateral in bankruptcy procedures? No

During reorganization, are secured creditors' claims exempt from an automatic stay on enforcement? Yes

Does the law authorize parties to agree on out of court enforcement? Yes

39

1. Benchmarking Protecting Investors Regulations:

Albania is ranked 15 overall for Protecting Investors.

Ranking of Albania in Protecting Investors - Compared to good practice and selected economies:

41

Strength of

investor

protection

index (0-10)

New Zealand 9.7

Good Practice

Economies

Albania 7.3

Selected Economy

Bosnia and Herzegovina 5.0

Croatia 4.0

Greece 3.3

Hungary 4.3

Macedonia, FYR 6.7

Montenegro 6.3


The following table shows Protecting Investors data for Albania compared to good practice and comparator economies:

42

Protecting Investors data Doing Business

2008

Doing Business

2009

Doing Business

2010

Doing Business

2011

Rank .. .. 15 15

Strength of investor protection index (0-10) 2.7 7.3 7.3 7.3

2. Historical data: Protecting Investors in Albania

3. The following graph illustrates the Protecting Investors index in Albania compared to best practice

and selected Economies:

9.7

7.3

6.7

6.3

5.0

4.3

4.0

3.3

New

Zea

land

Alb

ania

Mac

edon

ia,

FYR

Mon

teneg

ro

Bosnia

and

Her

zego

vina

Hunga

ry

Cro

atia

Gre

ece

Note: The higher the score, the greater the investor protection.

43

The table below provides a full breakdown of how the disclosure, director liability, and shareholder suits indexes are

calculated in Albania.

Protecting Investors in Albania

Protecting Investors Data (2010) Indicator

Extent of disclosure index (0-10) 8

What corporate body provides legally sufficient approval for the transaction?3

Whether immediate disclosure of the transaction to the public and/or shareholders is

required?

0

Whether disclosure of the transaction in published periodic filings (annual reports) is

required?

2

Whether disclosure of the conflict of interest by Mr. James to the board of directors is

required?

2

Whether an external body must review the terms of the transaction before it takes place?1

Extent of director liability index (0-10) 9

Whether shareholders can hold Mr. James liable for the damage that the Buyer-Seller

transaction causes to the company?

2

Whether shareholders can hold the approving body (the CEO or board of directors) liable for

the damage that the Buyer-Seller transaction causes to the company?

2

Whether a court can void the transaction upon a successful claim by a shareholder plaintiff?1

Whether Mr. James pays damages for the harm caused to the company upon a successful

claim by the shareholder plaintiff?

1

44

Whether Mr. James repays profits made from the transaction upon a successful claim by the

shareholder plaintiff?

1

Whether fines and imprisonment can be applied against Mr. James?1

Whether shareholders can sue directly or derivatively for the damage that the Buyer-Seller

transaction causes to the company?

1

Ease of shareholder suits index (0-10) 5

Whether the plaintiff can obtain any documents from the defendant and witnesses during

trial?

1

Whether the plaintiff can directly question the defendant and witnesses during trial?1

Whether the plaintiff can request categories of documents from the defendant without

identifying specific ones?

0

Whether shareholders owning 10% or less of Buyer's shares can request an inspector to

investigate the transaction?

1

Whether the level of proof required for civil suits is lower than that of criminal cases?1

Whether shareholders owning 10% or less of Buyer's shares can inspect transaction

documents before filing suit?

1

Strength of investor protection index (0-10) 7.3

45

1. Benchmarking Paying Taxes Regulations:

Albania is ranked 149 overall for Paying Taxes.

Ranking of Albania in Paying Taxes - Compared to good practice and selected economies:

47

Payments

(number per

year)

Time (hours

per year)

Total tax rate

(% profit)

Maldives* 3 0

Timor-Leste 0.2

Good Practice

Economies

Albania 44 360 40.6

Selected Economy


Croatia 17 196 32.5

Greece 10 224 47.2

Hungary 14 277 53.3




The following table shows Paying Taxes data for Albania compared to good practice and comparator economies:


Payments (number per year): Qatar

48

Paying Taxes data Doing Business

2008

Doing Business

2009

Doing Business

2010

Doing Business

2011

Rank .. .. 152 149

Total tax rate (% profit) 46.8 50.5 44.6 40.6

Payments (number per year) 44 44 44 44

Time (hours per year) 364 368 368 360

2. Historical data: Paying Taxes in Albania

3. The following graphs illustrate the Paying Taxes sub indicators in Albania over the past 4 years:

49

The table below addresses the taxes and mandatory contributions that a medium-size company must pay or withhold in

a given year in Albania, as well as measures of administrative burden in paying taxes.

Paying Taxes in Albania

Tax or mandatory

contribution

Payments

(number)

Notes on

Payments

Time

(hours)

Statutory tax

rate

Tax

base

Totaltax rate

(% profit)

Notes on

TTR

value added20.0% 144 12 Value added tax

0.00per truckALL 6,000 1 Vehicle tax

0.00value of

investment

2.0% 1 Tax on impact on

environment

0.40per truckALL 64,000 1 Circulation tax

0.80area of

building

(land) in

square meters

ALL 140 1 Property tax

1.00fuel price75% of

price, with a

maximum of

ALL37

1 Fuel tax

1.20sale price2.0% 1 Property transfer tax

1.40type of

business

ALL

225,000

1 Municipal taxes

50

2.50gross salaries1.7%paid jointly 0 Health insurance

contribution

8.50taxable profit10.0% 120 13 Corporate income tax

24.70gross salaries16.7% 96 12 Social security

contributions

Totals 44 360 40.6

51

1. Benchmarking Trading Across Borders Regulations:

Albania is ranked 75 overall for Trading Across Borders.

Ranking of Albania in Trading Across Borders - Compared to good practice and selected economies:

53

Documents to

export

(number)

Time to

export (days)

Cost to

export (US$

per

container)

Documents to

import

(number)

Time to

import (days)

Cost to

import (US$

per

container)

Denmark* 5

France 2 2

Malaysia 450

Singapore 4 439

Good Practice

Economies

Albania 7 19 725 9 18 710

Selected Economy

Bosnia and Herzegovina 5 16 1240 7 16 1200

Croatia 7 20 1281 8 16 1141

Greece 5 20 1153 6 25 1265

Hungary 5 18 1225 7 17 1215

Macedonia, FYR 6 12 1376 6 11 1380

Montenegro 6 14 775 6 14 890


The following table shows Trading Across Borders data for Albania compared to good practice and comparator

economies:


Time to export (days): Estonia

54

Trading Across Borders data Doing Business

2008

Doing Business

2009

Doing Business

2010

Doing Business

2011

Rank .. .. 70 75

Cost to export (US$ per container) 745 770 725 725

Cost to import (US$ per container) 750 775 710 710

Documents to export (number) 7 7 7 7

Documents to import (number) 9 9 9 9

Time to export (days) 21 21 19 19

Time to import (days) 22 22 18 18

2. Historical data: Trading Across Borders in Albania

3. The following graphs illustrate the Trading Across Borders sub indicators in Albania over the past 4

years:

55

These tables list the procedures necessary to import and export a standardized cargo of goods in Albania. The documents

required to export and import the goods are also shown.

Trading Across Borders in Albania

Nature of Export Procedures (2010) Duration (days) US$ Cost

Documents preparation 11 130

Customs clearance and technical control 2 65

Ports and terminal handling 3 350

Inland transportation and handling 3 180

Totals 19 725

Nature of Import Procedures (2010) Duration (days) US$ Cost

Documents preparation 12 115

Customs clearance and technical control 2 65

Ports and terminal handling 2 350

Inland transportation and handling 2 180

Totals 18 710

57

Export

Bill of lading

Cargo release order

Certificate of origin

Commercial Invoice

Customs export declaration

Packing list

Technical standard/health certificate

Import

Bill of lading

Cargo release order

Certificate of origin

Commercial Invoice

Customs import declaration

Customs transit document

Packing list

Technical standard/health certificate

Terminal handling receipts

Documents for Export and Import

58

1. Benchmarking Enforcing Contracts Regulations:

Albania is ranked 89 overall for Enforcing Contracts.

Ranking of Albania in Enforcing Contracts - Compared to good practice and selected economies:

60

Procedures

(number)


claim)

Bhutan 0.1

Ireland 20

Singapore 150

Good Practice

Economies

Albania 39 390 38.7

Selected Economy


Croatia 38 561 13.8

Greece 39 819 14.4

Hungary 35 395 15.0




The following table shows Enforcing Contracts data for Albania compared to good practice and comparator economies:

61

Enforcing Contracts data Doing Business

2008

Doing Business

2009

Doing Business

2010

Doing Business

2011

Rank .. .. 91 89


Time (days) 390 390 390 390

Cost (% of claim) 38.7 38.7 38.7 38.7

2. Historical data: Enforcing Contracts in Albania

3. The following graphs illustrate the Enforcing Contracts sub indicators in Albania over the past 4

years:

62

Enforcing Contracts in Albania

This topic looks at the efficiency of contract enforcement in Albania.

IndicatorNature of Procedure (2010)

Procedures (number) 39

Time (days) 390

Filing and service 30.0

Trial and judgment 180.0

Enforcement of judgment 180.0

Cost (% of claim)* 38.70

Attorney cost (% of claim) 21.6

Court cost (% of claim) 7.9

Enforcement Cost (% of claim) 9.2

63

* Claim assumed to be equivalent to 200% of income per capita.

Court information: Tirana District Court ("Gjykata e Rrethit Gjyqesor Te")

64

1. Benchmarking Closing Business Regulations:

Albania is ranked 183 overall for Closing a Business.

Ranking of Albania in Closing Business - Compared to good practice and selected economies:

66

Recovery rate

(cents on the

dollar)

Time (years) Cost (% of

estate)

Ireland 0.4

Japan 92.7

Singapore* 1

Good Practice

Economies

Albania 0.0 no practice no practice

Selected Economy

Bosnia and Herzegovina 34.7 3.3 9

Croatia 28.7 3.1 15

Greece 43.2 2.0 9

Hungary 37.9 2.0 15

Macedonia, FYR 20.7 2.9 28

Montenegro 43.4 2.0 8


The following table shows Closing Business data for Albania compared to good practice and comparator economies:


Cost (% of estate): Colombia, Kuwait, Norway

67

Closing a Business data Doing Business

2008

Doing Business

2009

Doing Business

2010

Doing Business

2011

Rank .. .. 183 183

Time (years) no practice no practice no practice no practice

Cost (% of estate) no practice no practice no practice no practice

Recovery rate (cents on the dollar) 0.0 0.0 0.0 0.0

2. Historical data: Closing Business in Albania

3. The following graphs illustrate the Closing Business sub indicators in Albania over the past 4 years:

68

Since 2004 Doing Business has been tracking reforms aimed at simplifying business regulations, strengthening property

rights, opening access to credit and enforcing contracts by measuring their impact on 10 indicator sets . * Nearly 1,000

reforms have had an impact on these indicators. Doing Business 2011, covering June 2009 to June 2010, reports that 117

economies implemented 216 reforms to make it easier to start a business. 64% of economies measured by Doing

Business have reformed this year, focusing on easing business start-up, lightening the tax burden, simplifying import and

export regulations and improving credit information systems.

Negative Change

Positive Change

Economy

Clo

sin

g a

Bu

sin

ess

En

forc

ing

Con

trac

ts

Tra

din

g A

cros

s B

ord

ers

Pay

ing

Tax

es

Pro

tect

ing

Inve

stor

s

Get

tin

g C

red

it

Reg

iste

rin

g P

rop

erty

Dea

lin

g w

ith

Con

stru

ctio

n

Per

mit

s

Sta

rtin

g a

Bu

sin

ess

Kazakhstan

Rwanda

Peru

Vietnam

Cape Verde

Tajikistan

Zambia

Hungary

Grenada

Brunei Darussalam

* For Doing Business 2011 the Employing Workers indicator is not included in the aggregate ease of doing

business ranking.

The top 10 most-improved in Doing Business 2011

69

Summary of changes to business regulation in top 10 most improved economies in Doing

Business 2011 and selected comparator economies.

Albania Albania made it easier and less costly for companies to pay taxes by amending several laws, reducing

social security contributions and introducing electronic filing and payment.

Bosnia and Herzegovina Bosnia and Herzegovina reduced delays in property registration at the land registry in Sarajevo. Bosnia

and Herzegovina simplified its labor tax processes, reduced employer contribution rates for social

security and abolished

its payroll tax.

Brunei Darussalam Brunei Darussalam made starting a business easier by improving efficiency at the company registrar

and implementing an electronic system for name searches. Brunei Darussalam reduced the corporate

income tax rate from 23.5% to 22% while also introducing a lower tax rate for small businesses,

ranging from 5.5% to 11%. The introduction of an electronic customs system in Brunei Darussalam

made trading easier.

Cape Verde Cape Verde made start-up easier by eliminating the need for a municipal inspection before a business

begins operations and computerizing the system for delivering the municipal license. Cape Verde eased

property registration by switching from fees based on a percentage of the property value to lower fixed

rates. Cape Verde abolished the stamp duties on sales and checks.

Croatia Croatia eased business start-up by allowing limited liability companies to file their registration

application with the court registries electronically through the notary public. Croatia replaced the

location permit and project design confirmation with a single certificate, simplifying and speeding up

the construction permitting process.

Greece Greece made transferring property more costly by increasing the transfer tax from 1% of the property

value to 10%.

Grenada Grenada eased business start-up by transferring responsibility for the commercial registry from the

courts to the civil administration. The appointment of a registrar focusing only on property cut the time

needed to transfer property in Grenada by almost half. Grenada’s customs administration made trading

faster by simplifying procedures, reducing inspections, improving staff training and enhancing

communication with users.

Hungary Hungary implemented a time limit for the issuance of building permits. Hungary reduced the property

registration fee by 6% of the property value. Hungary simplified taxes and tax bases. Amendments to

Hungary’s bankruptcy law encourage insolvent companies to consider reaching agreements with

creditors out of court so as to avoid bankruptcy.

Kazakhstan Kazakhstan eased business start-up by reducing the minimum capital requirement to 100 tenge ($0.70)

and eliminating the need to have the memorandum of association and company charter notarized.

Kazakhstan made dealing with construction permits easier by implementing a one-stop shop related to

technical conditions for utilities. Kazakhstan strengthened investor protections by requiring greater

corporate disclosure in company annual reports. Kazakhstan speeded up trade through efforts to

modernize customs, including implementation of a risk management system and improvements in

customs automation.

Macedonia, FYR FYR Macedonia made it easier to start a business by further improving its one-stop shop. FYR

Macedonia lowered tax costs for businesses by requiring that corporate income tax be paid only on

distributed profits.

Montenegro Montenegro eliminated several procedures for business start-up by introducing a single registration

form for submission to the tax administration. An amendment to Montenegro’s corporate income tax

law removed the obligation for advance payments and abolished the construction land charge.

Montenegro’s customs administration simplified trade by eliminating the requirement to present a

terminal handling receipt for exporting and importing.

Peru Peru eased business start-up by simplifying the requirements for operating licenses and creating an

online one-stop shop for business registration. Peru streamlined construction permitting by

implementing administrative

reforms. Peru introduced fast-track procedures at the land registry, cutting by half the time needed to

register property. Peru made trading easier by implementing a new web-based electronic data

interchange system, risk-based inspections and payment deferrals.

70

Rwanda Rwanda made dealing with construction permits easier by passing new building regulations at the end

of April 2010 and implementing new time limits for the issuance of various permits. Rwanda enhanced

access to credit by allowing borrowers the right to inspect their own credit report and mandating that

loans of all sizes be reported to the central bank’s public credit registry. Rwanda reduced the number of

trade documents required and enhanced its joint border management procedures with Uganda and other

neighbors, leading to an improvement in the trade logistics environment.

Tajikistan Tajikistan made starting a business easier by creating a one-stop shop that consolidates registration with

the state and the tax authority. Tajikistan strengthened investor protections by requiring greater

corporate disclosure in the annual report and greater access to corporate information for minority

investors. Tajikistan lowered its corporate income tax rate.

Vietnam Vietnam eased company start-up by creating a one-stop shop that combines the processes for obtaining

a business license and tax license and by eliminating the need for a seal for company licensing.

Vietnam made dealing with construction permits easier by reducing the cost to register newly

completed buildings by 50% and transferring the authority to register buildings from local authorities to

the Department of National Resources and Environment. Vietnam improved its credit information

system by allowing borrowers to examine their own credit report and correct errors.

Zambia Zambia eased business start-up by eliminating the minimum capital requirement. Zambia eased trade by

implementing a one-stop border post with Zimbabwe, launching web-based submission of customs

declarations and introducing scanning machines at border posts. Zambia improved contract

enforcement by introducing an electronic case management system in the courts that provides electronic

referencing of cases, a database of laws, real-time court reporting and public access to court records.

71

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