11 Jul
Micro and small entrepreneurship entities are exempt from mandatory audit
On Amendments to the Civil Code of the Republic of Azerbaijan, the Tax Code of the Republic of Azerbaijan, the Housing Code of the Republic of Azerbaijan and the Customs Code of the Republic of Azerbaijan, signed by the President of the Republic of Azerbaijan Mr. Ilham Aliyev on May 3, 2019 and effective from May 24, 2019 "According to Article 1.3 of the Law of the Republic of Azerbaijan, the words" (except for micro and small entrepreneurship subjects) "after the words" society "have been added to the first sentence of Article 91.4 of the Civil Code of the Republic of Azerbaijan.According to the previous version of Article 91.4 of the Civil Code, the limited liability company had to involve an independent auditor every year to verify the accuracy of the annual financial report (external audit).Otherwise, this circumstance was considered as forced evasion from the case and resulted in an administrative penalty under Article 464 of the Code of Administrative Offenses of the Republic of Azerbaijan. According to the same Artic