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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Azerbaijan’s gross domestic product (GDP) reached 126.3 billion manats in 2024, marking an increase of 3 billion manats, or 2.4%, compared to the previous year, according to data released by the State Statistics Committee. In 2023, nominal GDP stood at 123 billion manats.
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The latest data from the State Statistics Committee reveals that as of December 1, 2024, the total number of salaried workers in Azerbaijan stood at 1.775 million, with 884,400 employed in the public sector and 890,900 in the private sector. This figure falls significantly short of the government's ambitious targets set seven years ago, raising concerns about employment opportunities, particularly for the country's burgeoning youth population.
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Azerbaijan's legal and physical entities engaged in trade operations with partners from 176 countries between January and November 2024, exporting goods to 120 nations and importing from 167, according to the State Customs Committee.
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Azerbaijan's retail trade turnover climbed 3.9% in real terms in 2024 compared to the previous year, reaching a total of 62.2 billion manats, the State Statistics Committee revealed. Food, beverages, and tobacco accounted for 34.1 billion manats, while non-food products contributed 28.1 billion manats to the total.
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