Declaration on income taxes on physical entities and profit taxes on legal entities to be submitted by 31 Mar - Fatizade

Declaration on income taxes on physical entities and profit taxes on legal entities to be submitted by 31 Mar - Fatizade

Deadline for submission of declarations on incomes of physical entities and profits of legal entities is 31 March 2006, Zaur Farizade, the head of the Economic Analysis and Organization of Registration of the Ministry of Taxes, told a news conference on Tuesday. It was dedicated to the commencement of the campaign on submission of declarations to tax bodies.

In the previous years the physical entities in difference to enterprises-residents could submit the declarations on tax incomes no later than 15 April. The violators will have to pay fines in the amount equal to 40 SDR. In case the taxpayer fail to meet the deadline set for 31 March they can be provided with additional term of 3 months. Any delay linked with the post deliveries are taken into consideration.

According to Elchin Mammadov, the head of the Department for Taxpayer services, the forms of declarations are available for all taxpayers free of charge. They can get it through the internet site of the Ministry, as well as tax bodies where they have registration.

A new form of declaration on income taxes of physical entities will enact into law on 1 April. The taxpayers who will fail to present declarations in time must use the new form. It is also applied on taxpayers who will have to inject changes to their reports as of a result of cameral check-ups.

As of totals of 2004 90% of legal entities and physical entities submitted their declarations on voluntary basis. According to Mammadov, as a result of 2005 the figure is expected to be higher. The world experience testifies that excess of 80% is considered as good while in the West European countries it is stood for 90% . At present there are some 11,000 legal entities paying income taxes and 7,000 physical entities paying income taxes.

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