The Amount Of Penalty For Violation Of The Rules And Procedure For Submission Of Reports To The Tax Authorities By Transnational Corporations (Whose Turnover Exceeds 750 Million AZN) Is Increased

• Law Firm: GRATA International
• Subject Matter: Tax, Income Tax, Tax Authorities
• Author: GRATA International
• Published date: 24 January 2023

According to Article 16.9 of the Tax Code, in case the total income of a group of transnational corporations in a fiscal year exceeds the AZN equivalent of 750 million euro, a resident entity of the Republic of Azerbaijan belonging to a group of transnational corporations submits a report to the tax authority within a term approved by the relevant authority for the purposes of automated information exchange with authorized bodies of other states under international treaties to which the Republic of Azerbaijan is a party. Amendment was made to Article...