Azerbaijani Credit Union Association suggests changing form of credit unions registration
Azerbaijan, Baku, June 24 / Trend N. Ismayilova /
Azerbaijani Credit Union Association (AKIA) suggests making changes in form of credit unions registration, AKIA President Elchin Bahirov said on June 24.
"We suggest registering credit unions in form of cooperatives but not limited companies," Bahirov said.
Moreover, the association suggests granting temporary tax benefits to credit unions, including on VAT and profit tax, he said.
"Credit unions are non-profitable organizations. Their profit is directed to increase of capital," he said.
Presently, the association operates with the parliamentary committee on economic policy. But permission of the Central Bank is needed on this regards, Bahirov said.
"It is necessary to create special commission on preparation of new interpretation of the law Credit unions," he said.
Azerbaijan attempt on establishment of such a group was made under support of USAID and ACDI/VOCA in 2008. But it has not launched its activity due to cessation of by ACDI/VOCA project in the country, he said.
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