The Tax Ministry responded to the accusations from shareholders of Bakelektroqaynaq, which in the course of the July 1 press conference, said that the tax office turned a "blind eye" to the presence of agreement between the corporation and its principal shareholder - Baku Steel Company.
The Taxes Ministry asked the shareholders to wait until the next on-site inspection.
In the release sent in response to the news agency Turan query the Taxes Ministry states that minority shareholders last appealed with a requirement to consider the due process of legal lease of property of Bakelektroqaynaq by its principal shareholder - LLC Baku Steel Company. The steel company organized since 2001 the production of steel and rebar at the production facilities of the company. Controlling stake of the joint-stock company was privatized by the representative of Azerbaijan Baku Steel Company, which is registered in an offshore zone.
Shareholders demanded the tax audit in the JSC. However, the Tax Ministry has once again claimed that the check will be carried out not by the order. "The Ministry has an automated system of tax information and checks are carried out on the basis of risk models. The letter of the Ministry of Taxes implies that the on-site inspection of Bakelektroqaynaq was not carried out since at least 2011. The Taxes offers shareholders to wait until the next inspection, the results of which will be reported.
Recall that in the press conference the shareholders of Bakelektroqaynaq stated that the property stock, the carrying amount of AZN 20 million and a land area of 30 hectares are operated by Baku Steel Company for the annual rental value of 267 thousand manats. This is several times lower than the real costs of the JSC, which is engaged in nothing else.
Recall that the JSC Bakelektroqaynaq was privatized in 1998. LLC Baku Steel Company owns more than 98% of its shares. About 2% of the shares are divided among 39 individuals. LLC Baku Steel Company, with an annual production capacity of 700 thousand tons of steel, is a subject of monopoly in the market. - 08D-
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