The practice of functioning of the public legal entity - the Financial Control House also exists in other countries. However, the form in which it is created in Azerbaijan (from the functional, organizational and legal points of view) is questionable. This was written by the economist Gubad Ibadoglu on his Facebook page, commenting on the presidential decree on the establishment of the House.
In his view, these bodies act as non-profit organizations. To ensure the effectiveness of the House it is required to make changes in many laws.
The House aims to establish a register of payment systems and operators in the first place, participants of the securities market, investment funds, insurance companies and credit institutions and postal services, to engage in licensing and controlling their activities.
In turn, the Assistant to the Head of State for Economic Reform issued a report that the House in its work will be guided by international experience.
Recall that the decree on the establishment of the House says that it is created for the licensing, regulation and supervision of the securities market activities, investment funds, insurance companies and credit institutions (banks, non-bank credit institutions and postal operators) and payment systems, including improvements in control system in the sphere of combating the legalization of money or other property received by criminal way and financing of terrorism, as well as to ensure the transparency and flexibility of the control system in these areas. -06D-
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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