Penalties for violation of the publication of financial reports
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-
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- Economics
- 31 October 2012 13:07
Economics
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