The continuing development and close economic links between countries of the Eurasian Economic Union (Russian Federation, Republic of Kazakhstan, Republic of Belarus, Kyrgyz Republic, Republic of Armenia), and close historic ties between CIS countries encourage constant cooperation between the countries, increase the volume of mutual trade and number of business projects between the companies from these countries.
AmCham Azerbaijan held the U.S. Independence Day Cocktail Reception on 8th July 2019 with its members.
Legal 500 has recently released its annual rankings of international law firms – Legal 500 EMEA 2019.
Resolution of the issues on problem loans of individuals
On February 28, 2019, President of the Republic of Azerbaijan issued a decree on additional measures in connection with the resolution of the issues on problem loans of individuals in the country. The Decree aims at compensating financial losses of individuals on debts in foreign currencies incurred as a result of AZN’s devaluation as well as providing state support to resolve problem loans.
The amendments (effective as of 08 February 2019) are about the possibility to register the changes in the foundation and registration documents of an LLC via submission of an electronic application to the webpage of Ministry of Taxes.
Criteria for determination of oil and gas activities and non-public sector
By Resolution #56 dated 18 February 2019, the Cabinet of Ministers approved criteria for determination of oil and gas activities and non-public sector for the purposes of article 101.1-4 of the Tax Code and 14.7 of Social Insurance Law.
On 13 March 2019, AHK Azerbaijan hosted a joint workshop with Grata International law firm’s Baku office (GRATA Azerbaijan) for AHK members. The meeting was opened with a welcoming speech of Mr. Tobias Baumann, Executive Director of AHK Azerbaijan and Ms. Ummi Jalilova, Partner of GRATA International and Director for Azerbaijan.