netams.com
The Accounting Chamber of Azerbaijan started to publish excerpts from the audit. Thus, under Article 5.7 of the National Plan of Action for the Promotion of Open Government in 2016-18 they published a report on abuses in CJSC Baku Metro (http://sai.gov.az/1/newsmore/484).
When checking the financial and economic activities in 2014-2015 they revealed that the company in this period mastered 602 million AZN of public investment, as well as 171 million AZN of state subsidies to cover losses. However, the managers used 74 million manats of the subsidies to pay salaries and social benefits.
The checks also revealed violations of tax laws and cases of misuse of state property; the trading activity in the subway was not legally formalized, and there were identified not only commercial but also residential objects.
In violation of the terms of contracts with commercial entities the debtors have not paid the Metro 2 million 726.8 thousand AZN plus 652,000 EUR. Moreover, the CJSC unduly transferred 6 million AZN to the accounts of JSC Bank Technique as compensation for property demolished within work on the subway construction.
The Accounting Chamber Board decided to submit the reports on violations not only to the Parliament, to which it is accountable, but also to the Cabinet, the Ministry of Taxes and the State Committee for Property Affairs, recommending that those responsible for the violations should be brought to justice. --17D-
Economics
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Azerbaijan, known worldwide for its oil wealth, has seen its oil and gas sector contribute at least 90% of its exports, significantly shaping the country’s GDP, foreign investment, and fiscal stability. These resources have helped stabilize the national currency and ensured political and social stability. However, since oil production has been steadily declining since 2011, the country faces mounting economic challenges as it transitions into a post-oil era, notes economist Gubad Ibadoglu.
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In Azerbaijan, it is planned to calculate wages on an hourly basis instead of monthly. At the same time, according to officials' statements, salary increases are expected next year. So far, there is no official information on how much wages will increase. However, experts say that the transition to hourly wages in Azerbaijan appears very difficult and could lead to cases of abuse.
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