Expert: "Government’s Criteria for Selection of Unwanted Offshore Zones Incomprehensible"
The Cabinet approved on January 6 the list of offshore zones, in which registered persons will not become a shareholder of persons licensed in the securities market in Azerbaijan.
The list includes the following offshore: Angola, Antigua and Barbuda, Aruba, Bahamas, Belize, Islands Cook, Grenada, Maldives, Nauru, Antilles (Netherlands), Panama, Samoa, Saint Kitts and Nevis, Seychelles, Turks and Caicos, Vanuatu and Virgin Islands (US).
It is noteworthy that this list does not include such well-known offshore zones, as the British Virgin Islands, Isle of Man, Jersey, Cayman Islands, etc.
The lawyer Akram Hasanov said in an interview with Turan the government's decision is not understandable. "The zones in the list are in Britain, the Netherlands and the United States, as well as independent states. But there are not many famous offshore zones. Restrictions of investment from offshore zones must be political (hostile attitude to the country, a friendly relationship with the enemy) or economic (low tax rates, or the lack of them offshore). But the Cabinet for unknown reasons failed to substantiate its decision."
According to the expert, this decision contradicts the Constitutional Law of Azerbaijan "On normative legal acts". "In compliance with Article 48.2.1 of this law, in support of the adoption of a regulatory act there should be the information needed. But in reality, this kind of study is unavailable or primitive."
In the specific case we can talk that the above-mentioned list does not include the offshore companies, in which known investors are registered in advance, said Akram Hasanov.
The Cabinet decision was made pursuant to the Law of Azerbaijan Republic "On Securities Market", which entered into force on 1 July 2015. ------08B
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