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Can legal entities submit the "Profit Tax Declaration" on a quarterly basis?
Can legal entities submit the "Profit Tax Declaration" on a quarterly basis?
In response to the question, the State Tax Service under the Ministry of Economy stated that, according to the Tax Code, the profit tax is calculated on the amount remaining after deducting expenses and mandatory payments related to income generation and is paid to the state budget. The "Profit Tax Declaration" must be submitted to the tax authority no later than March 31 of the following year.
For taxpayers engaged in entrepreneurial activities or other taxable transactions during the reporting period, a financial sanction of 40 manat is imposed for not submitting the tax report within the specified time frame.
Legal entities and individual entrepreneurs must pay current payments to the state budget no later than 15 days after the end of the quarter and submit a report on current tax payments.
According to Article 151 of the Tax Code, the taxpayer chooses one of two possible methods for determining the amount of current tax payments during the year and informs the tax authority about this by April 15 each year. If the taxpayer chooses the method specified in Article 151.2 of this Code, they must submit a report to the tax authority on the amount of current tax calculated on profit or income within 15 days after the end of each quarter; otherwise, the tax authority applies the method specified in Article 151.1 of this Code. If the taxpayer does not provide information about the method used to determine the amount of current tax payments, the tax authority applies the first method, and this method cannot be changed until the end of the tax year.
Current tax payments for legal entities that did not have activities or taxable profits (income) in the previous tax year and are operating in the next tax year, as well as for individuals engaged in entrepreneurial activities without establishing a legal entity and newly established active taxpayers, are carried out in accordance with the rules set forth in Article 151.5 of the Tax Code.
Additionally, it was noted that the Tax Code does not provide for financial sanctions for the failure to submit a report on current tax payments within the specified period.
In response to the question, the State Tax Service under the Ministry of Economy stated that, according to the Tax Code, the profit tax is calculated on the amount remaining after deducting expenses and mandatory payments related to income generation and is paid to the state budget. The "Profit Tax Declaration" must be submitted to the tax authority no later than March 31 of the following year.
For taxpayers engaged in entrepreneurial activities or other taxable transactions during the reporting period, a financial sanction of 40 manat is imposed for not submitting the tax report within the specified time frame.
Legal entities and individual entrepreneurs must pay current payments to the state budget no later than 15 days after the end of the quarter and submit a report on current tax payments.
According to Article 151 of the Tax Code, the taxpayer chooses one of two possible methods for determining the amount of current tax payments during the year and informs the tax authority about this by April 15 each year. If the taxpayer chooses the method specified in Article 151.2 of this Code, they must submit a report to the tax authority on the amount of current tax calculated on profit or income within 15 days after the end of each quarter; otherwise, the tax authority applies the method specified in Article 151.1 of this Code. If the taxpayer does not provide information about the method used to determine the amount of current tax payments, the tax authority applies the first method, and this method cannot be changed until the end of the tax year.
Current tax payments for legal entities that did not have activities or taxable profits (income) in the previous tax year and are operating in the next tax year, as well as for individuals engaged in entrepreneurial activities without establishing a legal entity and newly established active taxpayers, are carried out in accordance with the rules set forth in Article 151.5 of the Tax Code.
Additionally, it was noted that the Tax Code does not provide for financial sanctions for the failure to submit a report on current tax payments within the specified period.