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Cashless payment requirements and penalties when repaying a debt to the founder
Cashless payment requirements and penalties when repaying a debt to the founder
We inform you that loan amounts received from a founder who is not registered with the tax authority may be repaid in cash within the limits specified in Article 3.3 of the Law “On Cashless Settlements” (30,000 AZN or 15,000 AZN), depending on whether the taxpayer falls within the category of persons indicated in that article. Payments exceeding 30,000 AZN or 15,000 AZN within a calendar month, including repayment of loans received, must be made exclusively in a cashless form.
According to the requirement of Article 3.4.6 of the Law “On Cashless Settlements,” loan amounts to a founder registered with the tax authority must be repaid only in a cashless form.
For violation of the above requirements of the Law, a financial sanction is imposed on the person paying or receiving loan funds in cash in the following amounts, based on the total amount of the transaction carried out in violation of the Law within a calendar year: 10% for the first such violation, 20% for the second, and 40% for three or more violations.
We inform you that loan amounts received from a founder who is not registered with the tax authority may be repaid in cash within the limits specified in Article 3.3 of the Law “On Cashless Settlements” (30,000 AZN or 15,000 AZN), depending on whether the taxpayer falls within the category of persons indicated in that article. Payments exceeding 30,000 AZN or 15,000 AZN within a calendar month, including repayment of loans received, must be made exclusively in a cashless form.
According to the requirement of Article 3.4.6 of the Law “On Cashless Settlements,” loan amounts to a founder registered with the tax authority must be repaid only in a cashless form.
For violation of the above requirements of the Law, a financial sanction is imposed on the person paying or receiving loan funds in cash in the following amounts, based on the total amount of the transaction carried out in violation of the Law within a calendar year: 10% for the first such violation, 20% for the second, and 40% for three or more violations.