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How to avoid financial sanctions from tax authorities without a POS terminal?

  • Bloq
  • 28-Aug-2024, 11:03
  • 78
How to avoid financial sanctions from tax authorities without a POS terminal?

How to avoid financial sanctions from tax authorities without a POS terminal?


By the decision of the Prime Minister of the Republic of Azerbaijan No. 192 dated May 18, 2022, amendments were made to the Cabinet of Ministers of the Republic of Azerbaijan's decision No. 219 dated October 4, 2012, regarding the "Rules for the Installation, Use, and Application of POS Terminals in the Territory of the Republic of Azerbaijan" and the "Criteria for Determining Objects Where POS Terminals Will Be Installed". After the amendment, the definition of POS terminal has been approved as follows:

"POS terminal - equipment designed for carrying out cashless payments (including contactless payments) and/or receiving cash funds, including a mobile device equipped with the necessary software (mobile phone connected to publicly available telecommunication networks of mobile operators and other terminal equipment)."

As indicated, the definition of POS terminal has been expanded to include "a mobile device equipped with the necessary software (mobile phone connected to publicly available telecommunication networks of mobile operators)".

It should be noted that, according to the electronic service provided by Kapital Bank OJSC, a taxpayer can accept cashless payments from customers via a smartphone. There are two main requirements for this. First, the taxpayer must open an account with Kapital Bank. Second, the taxpayer’s phone must support NFC for payment acceptance.

Additionally, some credit organizations have already provided opportunities for setting up POS terminals via smartphones. Therefore, taxpayers with a low volume of POS terminal payments can avoid additional financial costs and potential financial sanctions from tax authorities by setting up a POS terminal via a smartphone.





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Accounting and Financial Services
28-Jun-2021 | Xidmətlər

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