Publications

 There are presently 45 credit unions in Azerbaijan competing for customers. Yet what’s their working principle? But first, let’s look at why there is so little we know about them.

On 15 April 2019 Azerbaijan’s Constitutional Court (“CC”) adopted a decision on invalidation of the decision of the Supreme Court (“SC”) on refusal to recognise and enforce an arbitral award which was issued by the Korean Arbitration Council.

Significant changes have been made to the Tax Code of the Republic of Azerbaijan by adopting Law “on Amendments to the Tax Code” dated 30 November 2018, effective as of January 1st, 2019 (“Amendment Law”).

On October 2, 2018, Milli Majlis (Parliament) of the Republic of Azerbaijan passed a Law on “Amendments to the Code of Execution of Sentences” (“Amendment Law”).

On 26 February 2018, Management Board of the Central Bank of the Republic of Azerbaijan approved Amendments to the Regulations "On foreign currency transactions of resident and non-residents of the Republic of Azerbaijan" (“Amendment”).

According to the Amendment Law as of July 11, 2017, a new article (50-1), concerning advertisement through telecommunication means and devices has been included into the Telecommunication Law.

According to the Amendment Law as of July 13, 2017, for the purposes of implementation of the Law on Cashless Settlements, a new paragraph (x) has been added to the duties of employer. Thus, all payments to be made to employee by the employer under the Labor Code shall be provided in accordance with the provisions of the Law on Cashless Settlements.

According to the Amendment Law as of July 11, 2017, new paragraphs concerning advertisement have been added to the Law on Copyright and Related Rights. As per new paragraph 3rd of article 6, advertisement is the object of copyright within the terms of the Law on Copyright and Related Rights.

Moreover, according to another new paragraph (3-1) to article 32 of the Law on Copyright and Related Rights, advertisement maker, as well as producer of the advertisement are subjects of the related rights within the terms provided in the Law on Copyright and Related Rights.

In accordance with the Decree of the President of Azerbaijan dated 11 July 2017, the list of countries and territories with preferential taxation was confirmed. 

The Cabinet of Ministers of the Republic of Azerbaijan, by its decision dated 16 June 2017, confirmed the rules for the organization of sale of taxpayer’s seized property in trading networks (including electronic trading networks) (hereinafter - the “Rules”).