Media Review October 30, 2019

Discussion of the situation in the financial and banking sector, and the unaccepted "Code of Competition", and the proposed changes to the Tax Code are the topics of today's media.

The newspaper Azerbaijan writes about a joint meeting of the Financial Markets Supervision Authority with the Association of Banks. The author regards this as the beginning of the execution of instructions of the head of state of October 15.

The meeting said that banks give preference to consumer loans rather than business loans. This can lead to a crisis in the banking system, as it was in the recent past. The meeting participants worked out concrete steps to review the strategic plans of banks.

The website Azpolitika.info is discussing with MP Vahid Ahmedov the issue of not accepting the Competition Code so far. According to the MP, the adoption of this Code is hindered by officials and oligarchs, who create a monopoly in the country. Officials must sit at their workplaces and receive their salary, and they have to leave their work in business.

For 17 years, the MP recalls, the Milli Majlis cannot accept the Competition Code. Ten years ago it was adopted in two readings, but then the process stopped. The fate of the income declaration is the same, the MP noted.

The website Bizimyol.info discusses the proposed changes to the Tax Code with the expert Rovshan Agaev. One of the proposals is to transfer to the state part of the houses built by construction companies. If this is accepted, 10% of the constructed houses will be transferred by the companies to the capital’s City Hall.

In the legislation of the country there is no such article obliging the construction business. Now it will be legalized, and a legal justification will be created.

The apartments transferred to the metropolitan Mayor's office will make up free housing stock. However, the public has not received any information on how it will be used and this process remains opaque.