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Information reporting obligation and penalty for producer taxpayers
Information reporting obligation and penalty for producer taxpayers
According to Article 16.1.4-2 of the Tax Code, except for micro and small business entities, taxpayers engaged in production activities are required to submit, in electronic form, to the tax authority by January 31 of each year, information on the norms of raw material and material consumption per unit of product manufactured. This information must be approved by the body (institution) determined by the relevant executive authority. If any changes occur during the year in the submitted information in connection with the production process, including the start of production of a new type of product, taxpayers are obliged to submit updated information to the tax authority within the calendar year.
According to Article 57.3 of the Tax Code, for failure to submit, within the prescribed period, the information form specified in Article 16.1.4-2 of this Code, or for providing distorted data in the submitted information form, a financial sanction in the amount of 1000 manats shall be applied to the taxpayer.
In response to your inquiry, we inform you that regardless of whether they are VAT payers or not, micro and small business entities are exempted for the purposes of the mentioned article.
According to Article 16.1.4-2 of the Tax Code, except for micro and small business entities, taxpayers engaged in production activities are required to submit, in electronic form, to the tax authority by January 31 of each year, information on the norms of raw material and material consumption per unit of product manufactured. This information must be approved by the body (institution) determined by the relevant executive authority. If any changes occur during the year in the submitted information in connection with the production process, including the start of production of a new type of product, taxpayers are obliged to submit updated information to the tax authority within the calendar year.
According to Article 57.3 of the Tax Code, for failure to submit, within the prescribed period, the information form specified in Article 16.1.4-2 of this Code, or for providing distorted data in the submitted information form, a financial sanction in the amount of 1000 manats shall be applied to the taxpayer.
In response to your inquiry, we inform you that regardless of whether they are VAT payers or not, micro and small business entities are exempted for the purposes of the mentioned article.