Amendments to law on appraisal activity discussed at Azerbaijani Agency for Development of SMEs (PHOTO)

Amendments to law on appraisal activity discussed at Azerbaijani Agency for Development of SMEs (PHOTO)

BAKU, Azerbaijan, March 15

Trend:

An online forum organized by the Public Council under the Azerbaijani Agency for the Development of Small and Medium Enterprises (SMEs) and through the partnership of the Azerbaijan Society of Appraisers entitled "Changes expected in the Azerbaijani law "On Appraisal Activity" was held on March 15, Trend reports citing the agency.

Azerbaijani MP Vugar Bayramov, head of the legal department of the Ministry of Economy Nurana Abbasova, expert in the field of real estate Ramil Osmanli, representatives of appraisal companies and the Azerbaijan Society of Appraisers attended the event.

The legal regulation of valuation activity, as well as other issues related to the expected changes in legislation and those having interest for entrepreneurs working in this sphere were discussed during the forum. The representatives of the appropriate state agencies, public organizations and business entities attended the forum.

Chairman of the Board of the Agency Orkhan Mammadov stressed that the establishment of effective ties between the public and private sectors, the development of cooperation between the state and entrepreneurs are the main directions of the activity of the agency and for this purpose, meetings and forums on various topics are regularly held.

The discrepancy between the legal framework of the appraisal sphere with the modern requirements and market conditions and other issues create certain difficulties for appraisers in the development as a business entity.

Chairman of the "Azerbaijani Society of Appraisers" Public Association Nusrat Ibrahimov spoke about the activity of the organization, adding that currently 36 appraisal companies are members of the society.

The law on appraisal activity, adopted in 1998, does not meet modern challenges and international standards, restricts control over professional activity.

The new legal framework, being developed taking into account the international standards, will be an important step in the development of this sphere.

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