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New requirements for mandatory implementation of cashless payments
New requirements for mandatory implementation of cashless payments
We inform you that, in accordance with Article 3.3 of the Law of the Republic of Azerbaijan “On Cashless Settlements”, taking into account the provisions of Article 3.5 of this Law, payments for settlements exceeding a total of 30,000 manats during a calendar month by VAT-registered taxpayers and taxpayers engaged in catering activities whose taxable transactions exceed 200,000 manats in any month(s) of a consecutive 12-month period, as well as payments for settlements exceeding a total of 15,000 manats during a calendar month by other taxpayers, must be carried out exclusively in a cashless form.
We also inform you that VAT-registered taxpayers and taxpayers engaged in catering activities whose taxable transactions exceed 200,000 manats in any month(s) of a consecutive 12-month period must make payments exclusively in a cashless form if the total amount of settlements during a calendar month exceeds 2 percent of the turnover (including VAT) of the previous calendar month. For other taxpayers, this requirement applies to settlements exceeding a total of 15,000 manats during a calendar month.
According to the amendment to the Law, if 2 percent of the turnover (including VAT) from the supply of goods, works, and services in the previous calendar month is less than 30,000 manats, then the requirement for cashless payments applies to settlements exceeding 30,000 manats during the calendar month. If 2 percent of the turnover (including VAT) from the supply of goods, works, and services in the previous calendar month exceeds 50,000 manats, then the requirement for cashless payments applies to settlements exceeding 50,000 manats during the calendar month.
We inform you that, in accordance with Article 3.3 of the Law of the Republic of Azerbaijan “On Cashless Settlements”, taking into account the provisions of Article 3.5 of this Law, payments for settlements exceeding a total of 30,000 manats during a calendar month by VAT-registered taxpayers and taxpayers engaged in catering activities whose taxable transactions exceed 200,000 manats in any month(s) of a consecutive 12-month period, as well as payments for settlements exceeding a total of 15,000 manats during a calendar month by other taxpayers, must be carried out exclusively in a cashless form.
We also inform you that VAT-registered taxpayers and taxpayers engaged in catering activities whose taxable transactions exceed 200,000 manats in any month(s) of a consecutive 12-month period must make payments exclusively in a cashless form if the total amount of settlements during a calendar month exceeds 2 percent of the turnover (including VAT) of the previous calendar month. For other taxpayers, this requirement applies to settlements exceeding a total of 15,000 manats during a calendar month.
According to the amendment to the Law, if 2 percent of the turnover (including VAT) from the supply of goods, works, and services in the previous calendar month is less than 30,000 manats, then the requirement for cashless payments applies to settlements exceeding 30,000 manats during the calendar month. If 2 percent of the turnover (including VAT) from the supply of goods, works, and services in the previous calendar month exceeds 50,000 manats, then the requirement for cashless payments applies to settlements exceeding 50,000 manats during the calendar month.