The Board of Directors of the Financial Markets Supervision House canceled the licenses of 12 credit unions. The list includes Credit Union Arzu, Credit Union Azerinvest, Credit Union South, Credit Union Ceyhun, Credit Union Compass, Credit Union F.A.S., Credit Union Hakkari, Credit Union's Credo Invest, Credit Union Real, Credit Union Terekeme, Credit Union Tural and Credit Union Yardimli deprived of the license.
The reason for this step is the failure of these credit unions to comply with the reporting rules and to hold external audit for 2015. ----71D
Economics
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President Ilham Aliyev signed a decree on 27 Desember to implement the law on the 2025 State Social Protection Fund budget, setting forth measures to ensure the effective execution of the fund’s financial framework.
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Azerbaijani President Ilham Aliyev has issued a decree to implement amendments to the country’s Tax Code, approved by Parliament on December 16, 2024, under law number 98-VIIQD. The decree, published on Friday, is aimed at optimizing tax administration and strengthening the legal framework outlined in the revised legislation.
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Azerbaijan’s parliament has approved a law establishing minimum living standards for 2025, with specific allocations for various demographic groups. The legislation, signed by President Ilham Aliyev on December 16, will come into force on January 1, 2025. The presidential decree was published on December 27.
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The President of Azerbaijan issued a decree on December 27, 2024, to implement the "2025 State Budget Law" aimed at streamlining the allocation and execution of government expenditures. The legislation, codified under law number 93-VIIQ, outlines detailed budget appropriations across various sectors, reflecting strategic priorities in defense, education, healthcare, and infrastructure.
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