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Azerbaijan amends rule regarding financial fines on local tax payers

Economy Materials 19 January 2023 15:08 (UTC +04:00)
Azerbaijan amends rule regarding financial fines on local tax payers
Sadraddin Aghjayev
Sadraddin Aghjayev
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BAKU, Azerbaijan, January 18. Azerbaijan's State Tax Service has made changes related to financial sanctions against entrepreneurs that fail to submit tax reports, the service told Trend.

According to the service, financial sanctions will not be imposed, from now on, on taxpayers who failed to provide in time tax reports, while having no business activity within a given period.

Previously, if a tax payer, not having earned anything within a taxable period (from 1Q through 4Q of a year), failed to submit his tax report, the State Tax Service would issue a fine of 40 manat ($23.52). From now on, the mentioned fine will not be applied in case if a tax payer has nothing to report.

Meanwhile, the total number of active taxpayers in Azerbaijan grew as of January 1, 2023, as the figure amounted to 711,900, up by seven percent year on year.

As of January 1, 2023, the number of active payers of VAT increased by 15.1 percent on annual basis and reached 39,900, while the number of economic entities - by 12.3 percent - up to 165,000.

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