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20 Azerbaijani Banks Subjected to Tax Spot-Checks in 2006

Business Materials 30 January 2007 15:17 (UTC +04:00)

A total of 5555 spot-checks were conducted by the tax bodies of the country in 2006. Trend has been told by the Azerbaijan Taxes Ministry, as a result of the checks, financial fines were applied in the sum of 68 330 AZN.

A total of 449 spot-checks were conducted at state-run enterprises and banks operating in the country. As a result of charging 107.600 AZN to the banks, the State Budget received and additional 83.200 AZN.

Due to breaches in tax legislation, financial fines in the sum of 502.000 AZN were applied to banking organizations

In accordance with existing legislation, spot-checks may be conducted not more than once in a year and they are not to exceed 30 days, though it may be prolonged to 80 days in case of an emergency at the decision of a top official of the taxes body.

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