Azerbaijan gives new powers to Central Bank following presidential decree

Economy Materials 1 August 2023 13:18 (UTC +04:00)
Asif Mehman
Asif Mehman
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BAKU, Azerbaijan, August 1. The Central Bank of Azerbaijan (CBA) has been given new powers, Trend reports.

This issue has been reflected in the amendments to the Tax Code of Azerbaijan, approved by the decree of President of the Republic of Azerbaijan Ilham Aliyev.

According to the decree, tax authorities and their officials can provide information about taxpayers to other agencies only in specific cases and in compliance with the procedures established by legislation.

In accordance with the laws of the Republic of Azerbaijan, "On the Central Bank of the Republic of Azerbaijan," "On banks," "On insurance activities," "On non-bank credit organizations," "On credit unions," "On foreign exchange regulation," "On securities market," and "On investment funds," the following information is provided to the СBA for the purpose of issuing licenses (permits), conducting registration (registry) for starting operations, and performing supervision:

- Extracts from the state register of commercial legal entities and the charter, the composition of managers, and founders of the management bodies of commercial legal entities, and information about their shares in the charter capital.

- Information about the shares of individuals in the charter capital of commercial legal entities.

- Information about the income (revenues and expenses) of individuals, commercial legal entities, and their managers, founders, and legal entities in which they participate.