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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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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