Milli Majlis will soon start discussing a bill to administrative responsibility for violation of the legislation on the financial statements of companies. According to the head of state proposed changes to the Code of Administrative Offences, penalties against companies and their officers will be applied in case of violation of the rules of publication of the annual accounts and the consolidated financial statements.
The current position of the Code (Article 247-1) provides a financial penalty against an official in the amount of 300 to 400 manat and legal entity in size from 1,500 to 2,000 manat for violation of training and relevant public authorities (Ministry of Finance) and the founders of the financial statements. Supposed are also penalties in the case of breaches of the law on publishing them in print.
The area of ??influence of the rule is broad and applies to banks, insurance companies, joint stock companies, limited liability companies, holding companies, financial and industrial groups, etc.
The requirement to publish in print financial reports of companies required by law, but few companies do it because of the lack of administrative sanctions. - 08B-
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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