The Legislation on "Accounting" of the Republic of Azerbaijan

The Law on "Accounting" of the Azerbaijan Republic was amended on 22 December 2023 (published on 22 January 2024). According to the amendment, the accounting records of the following persons should be maintained electronically:

  • large business entities, and medium business entities (by stages as defined);
  • taxpayers operating within the framework of production sharing agreements (PSAs), main export pipeline and other similar agreements, including oil and gas, export-oriented oil and gas activities;
  • public legal entities obliged to publish annual financial statements or consolidated financial statements (except for the Central Bank of the Republic of Azerbaijan).
25 Jan, 2024