Azerbaijan:
The Amount Of Penalty For Violation Of The Rules And Procedure For Submission Of Reports To The Tax Authorities By Transnational Corporations (Whose Turnover Exceeds 750 Million AZN) Is Increased
24 January 2023
GRATA International
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According to Article 16.9 of the Tax Code, in case the total
income of a group of transnational corporations in a fiscal year
exceeds the AZN equivalent of 750 million euro, a resident entity
of the Republic of Azerbaijan belonging to a group of transnational
corporations submits a report to the tax authority within a term
approved by the relevant authority for the purposes of automated
information exchange with authorized bodies of other states under
international treaties to which the Republic of Azerbaijan is a
party. Amendment was made to Article 57.1-2 of the Tax Code,
according to which the amount of financial sanction to be applied
to the taxpayer for non-submission of the report within the
established term, in the established form and order was increased
to 10000 AZN (previously was 500 AZN).
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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