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Azerbaijani banks to submit data on taxpayers' bank accounts to tax authority

Economy Materials 18 February 2022 17:04 (UTC +04:00)
Azerbaijani banks to submit data on taxpayers' bank accounts to tax authority

BAKU, Azerbaijan, Feb. 18

By Nazrin Israfilova - Trend:

Data on bank accounts of taxpayers will be submitted to the tax authority by Azerbaijani banks, the State Tax Service under the Ministry of Economy of the Republic of Azerbaijan told Trend.

According to the agency, measures to inform and educate taxpayers about the amendments to the Tax Code are underway. Another change to the Code provides for the submission to the tax authority of information about transactions on all taxpayers' bank accounts opened on the basis of duplicate certificates.

From January 1, 2020, data on transactions on bank accounts of VAT payers are received monthly for establishing an effective tax control mechanism. As a next step, banks will provide the tax authorities with information on open bank accounts not only of VAT payers but of all taxpayers in order to increase the efficiency of control measures taken by the tax authorities to reduce the "shadow economy".

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