Financial Sanctions In Azerbaijan To Toughen Once Competition Code Accepted
Date
1/31/2023 6:39:29 AM
(MENAFN- Trend News Agency) BAKU, Azerbaijan, January 31. Following the adoption of the Competition Code, the financial
sanctions and fines imposed in connection with violations will
become more serious, said the Head of Azerbaijan's State Service
for Antimonopoly Control and Supervision of the Consumer Market
under the Ministry of Economy Mammad Abbasbeyli, trend reports.
He noted that the purpose of imposing financial
sanctions is not to attract funds to the state budget.
'This step is aimed at preventing the violation of the
law in the future. A business entity is more likely to commit the
offense again if the fine levied against it does not exceed the
profit received as a result of the violation of the law. The main
purpose of the sanctions is to prevent these cases in the future,'
he said.
Abbasbeyli added that the document is currently under
consideration by the Presidential Administration and is expected to
be submitted to Azerbaijan's Milli Majlis (Parliament) in the near
future.
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