Baku, Azerbaijan, Dec. 30
By Azad Hasanli – Trend:
Azerbaijan’s Parliament at a plenary session Dec. 30 passed the “Law on Regulation of Taxpayers’ Liabilities as of Jan. 1, 2017,” which provides for cancellation of the tax debts of the country’s citizens.
In accordance with the law, two types of tax liabilities will be written off: all the interest accrued for non-payment of the debt and a part of the financial sanctions.
If 30 percent of a financial sanction is paid in January 2017, the remaining 70 percent of the sanction will be written off.
If 50 percent of a tax penalty is paid in January-February 2017, the remaining 50 percent of the sanction will be written off, and if 70 percent of a financial sanction is paid in January-March 2017, the remaining 30 percent of the sanction will be written off.
In total, tax liabilities in Azerbaijan amount to 1.527 billion manats. Of this amount, the interest charged for the late payment of taxes amounts to 386.4 million manats and financial sanctions total 237.1 million manats.