IBA-Moscow to issue bank guarantees for VAT recovery
Azerbaijan, Baku, Sept.2 / Trend /
IBA-Moscow, a subsidiary of the International Bank of Azerbaijan, has been added to the list of banks authorized to issue bank guarantees to accelerate VAT recovery.
Changes to the Russian Tax Code entered into force in early 2010 and envisage a declarative order of VAT recovery, which enables legal entities to simplify VAT recovery procedures from three months to 20 days.
IBA-Moscow is the first and only bank with 100-percent Azerbaijani capital in Russia.