President Ilham Aliyev has signed a law amending a series of legislative acts following their adoption by the Milli Majlis (National Assembly) on May 26.
According to the Operative Information Center-OMM, the legislative package includes significant updates to the Civil Code, Tax Code, Competition Code, and various laws, including those on bankruptcy, banking, insurance, and the development of micro, small, and medium-sized enterprises.
These amendments are designed to harmonize existing legislation with the new "Law on Financial Leasing," which is set to come into effect in six months. The changes introduce a comprehensive regulatory framework for financial leasing activities, including the establishment of a registry for financial lessors. Entities wishing to engage in financial leasing activities will now be required to register with the Central Bank of Azerbaijan, subject to a state fee of 550 AZN.
The legislative updates also clarify the legal status of leasing contracts, streamline the dispute resolution process in bankruptcy cases, and mandate that financial lessors report credit history data to at least one credit bureau. By modernizing these regulations, Azerbaijan aims to enhance transparency and efficiency within the financial sector, providing a more stable environment for both lessors and lessees.
