Cancellation of Conventional Financial Unit in Azerbaijan to Lead to Simplicity of Calculations
Azerbaijan, Baku, 25 June / Trend / The conventional financial unit used in calculating government dues, one-time charges, fines, financial sanctions and other payments have been replaced with the absolute figures. The advantage of this change is making the sum more concrete while paying taxes and deviations during the complicated calculations which will eliminate disagreements between citizens and law.
On 24 June, the Azerbaijani president signed decree on cancellation of conventional financial unit on the mandatory figures and making changes to the legal texts and legislative acts. The Cabinet of Ministers and other executive agencies are instructed to make necessary changes to the legal texts and develop proposals in a month.
Earlier there was a Bill on the Conventional Financial Unit in Azerbaijan passed on 26 December 2000 according to which the conventional financial unit was determined at AZN1.10 from January 1 2001. Until 2001, the minimal salary of AZN1.1 (AZN5500) was determined as a conventional financial unit.
The first proposals on the cancellation of the conventional financial unit were made in the meeting of the standing parliament commission on the judicial policy and state building in May 2008 to remove the concept of conventional financial unit from the Penal Code and Code of Administrative Violations. According to the proposed changes, the conventional financial units are indicated with concrete figures in every article. The fined imposed on citizens were evaluated by the conventional financial units previously.
The conventional financial unit has been removed from the legislative acts of most states all over the world.
Ellada Khankishiyeva, director of analytical center of Trend
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