Association of Leasing Companies of Azerbaijan to Re-establish Talks with ACDI/ VOCA on Technical Assistance

Business Materials 21 June 2007 20:14 (UTC +04:00)

Azerbaijan, Baku /corr. Trend I.Khalilova / At the beginning of July, the Association of Leasing Companies of Azerbaijan will re-establish talks with the Head of ACDI/VOCA in Azerbaijan with regards to the technical assistance in devising the Law on Leasing, the Chairman of the Association's Executive Board, Azer Mammadov, said. According to him, the preliminary consent of the organization to provide technical assistance had been received, but later the talks were frozen.

The previous legal act which functioned up until 1993 was cancelled and presently the leasing operations are regulated by relevant articles of Civil and Tax Codes. The necessity to devise the law is that presently there are many kinds of leasing in the world which have not been specified in Azerbaijan's legislation. Therefore, the leasing companies are finding difficulties in applying them. The new law will provide an opportunity to pass best innovations.