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Obligation of producers to provide information on raw material consumption
Obligation of producers to provide information on raw material consumption
According to Article 16.1.4-2 of the Tax Code, taxpayers engaged in production activities, except for micro and small business entities, are required to electronically submit to the tax authority, by January 31 of each year, information approved by the body (institution) designated by the relevant executive authority regarding the norms of raw material and material consumption required for the production of a single unit of product.
If, during the year, there are any changes in the previously submitted information related to the production process, including the commencement of production of a new type of product, the taxpayer must submit updated information reflecting those changes to the tax authority within the same calendar year.
According to Article 57.3 of the Tax Code, failure to submit the information form specified in Article 16.1.4-2 of this Code within the prescribed period, or submission of distorted data in that form, results in a financial sanction of 1,000 manats being imposed on the taxpayer.
We inform you that, regardless of whether they are VAT payers or not, micro and small business entities are exempt from the requirements of the mentioned article.
According to Article 16.1.4-2 of the Tax Code, taxpayers engaged in production activities, except for micro and small business entities, are required to electronically submit to the tax authority, by January 31 of each year, information approved by the body (institution) designated by the relevant executive authority regarding the norms of raw material and material consumption required for the production of a single unit of product.
If, during the year, there are any changes in the previously submitted information related to the production process, including the commencement of production of a new type of product, the taxpayer must submit updated information reflecting those changes to the tax authority within the same calendar year.
According to Article 57.3 of the Tax Code, failure to submit the information form specified in Article 16.1.4-2 of this Code within the prescribed period, or submission of distorted data in that form, results in a financial sanction of 1,000 manats being imposed on the taxpayer.
We inform you that, regardless of whether they are VAT payers or not, micro and small business entities are exempt from the requirements of the mentioned article.