RESOLUTION OF THE CABINET OF MINISTERS OF THE AZERBAIJAN REPUBLIC

of June 9, 2005 No. 102

About profit and loss budgets of large state taxpayers

For the purpose of strengthening of control of financial and economic activities legal entities, stocks (shares) of which are owned by the state, a part of the system of the State Oil Company of Azerbaijan Republic, JSC Azenerzhi, Zheleznye dorogi Azerbaydzhana Ltd, the Ministries of Communications and Information Technologies, JSC Azersu, Azerbaijan Hava Ltd of Yollara", "Azerbaijani Caspian Sea Shipping Company" Private company, JSC Azerishyg, and Baku Subway Ltd (further - large state taxpayers), forecasting and execution of their income and expenses, and also for the purpose of ensuring increase in transparency in this sphere the Cabinet of Ministers of the Azerbaijan Republic decides:

1. To large state taxpayers annually till July 1 to provide to the Commission formed by the corresponding order of the Cabinet of Ministers of the Azerbaijan Republic for the purpose of preparation of drafts of the government budget and the survey budget, the original versions of drafts of profit and loss budgets for the next year in quarter distribution.

2. Annually till December 1 to provide to large state taxpayers for approval drafts of the profit and loss budget for the next year and the appropriate investing programs in the relevant industry ministry, and also the Ministry of Finance of the Azerbaijan Republic and the Ministry of Economics of the Azerbaijan Republic.

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