Azerbaijani President Ilham Aliyev signed on December 23 decrees on improving reporting structures for the main income of the state budget.
In compliance with amendments to the Charter of the State Oil Company (SOCAR), in addition to the annual financial statements the combined (consolidated) financial statements will be prepared. In addition to financial reports, SOCAR will be, and provide to the Ministry of Taxes - Tax reports and statistical reports will be submitted to the State Statistics Committee. The same report form established for the State Oil Fund of AR (SOFAR). It is noteworthy that the president has reserved the right to appoint an independent auditor SOFAR.
Not later than 30 June to the expiration of the fiscal year SOCAR must disclose on the corporate website and periodicals consolidated financial statements together with the auditor. This report shall be submitted to the Ministry of Finance, if the company or its subsidiaries received loans under government guarantees, or participated in projects for the development of public debt, etc. --08D-
Economics
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The Caspian International Investment Company JSC ended 2023 with a net loss of 557,000 manats, a significant improvement compared to the previous year, when losses were four times higher. The company's pre-tax losses for the year amounted to 264,000 manats, 11 times lower than in 2022, while income tax payments of 293,000 manats highlighted the efficiency achieved through strategic fiscal management.
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The 24th Republican Beekeeping Exhibition and Fair opened in Baku on Monday, with around 120 tons of honey products on sale. The event features the participation of 275 beekeepers from 39 districts across Azerbaijan and will run until September 29.
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BAKU, Sept 10 (Reuters) – The "Chain Reaction 2024" conference commenced in Baku on September 10, bringing together leaders and innovators from across the technology sector. Organized by FARI Solutions in collaboration with the Center for Analysis and Coordination of the Fourth Industrial Revolution and the Innovation and Digital Development Agency, the event is supported by Binance, the world's largest cryptocurrency exchange.
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The Azerbaijani government has amended its financing mechanism for higher education institutions, according to a decree issued by Prime Minister Ali Asadov on September 6. The changes update annual education costs for students in various academic levels and fields, including bachelor’s, master’s, medical, and doctoral programs, under state orders.
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