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The Parliament has approved the proposed amendments to the Tax Code
The Parliament has approved the proposed amendments to the Tax Code
Amendments are being made to the Tax Code.
In this regard, the draft law has been included on the agenda of the parliamentary session held on December 30. According to the amendments, when financial institutions open accounts for individuals and legal entities or provide financial services, for the purpose of implementing international agreements to which the Republic of Azerbaijan is a party and which provide for the exchange of tax and financial information, the information and documents necessary to determine a person’s residency status, as well as information and documents relating to any changes that result in a change in the person’s residency status, must be submitted by the person to the financial institution within 30 days from the date such changes occur.
According to the new article added to the Code, the imposition of administrative liability on persons for submitting false and/or distorted information and documents to a financial institution, or for failing to submit, within the period specified in Article 76-1.2 of this Code, the information and documents relating to changes resulting in a change of residency status, shall be carried out in accordance with the Code of Administrative Offences of the Republic of Azerbaijan.
This Law shall enter into force on January 1, 2026.
Amendments are being made to the Tax Code.
In this regard, the draft law has been included on the agenda of the parliamentary session held on December 30. According to the amendments, when financial institutions open accounts for individuals and legal entities or provide financial services, for the purpose of implementing international agreements to which the Republic of Azerbaijan is a party and which provide for the exchange of tax and financial information, the information and documents necessary to determine a person’s residency status, as well as information and documents relating to any changes that result in a change in the person’s residency status, must be submitted by the person to the financial institution within 30 days from the date such changes occur.
According to the new article added to the Code, the imposition of administrative liability on persons for submitting false and/or distorted information and documents to a financial institution, or for failing to submit, within the period specified in Article 76-1.2 of this Code, the information and documents relating to changes resulting in a change of residency status, shall be carried out in accordance with the Code of Administrative Offences of the Republic of Azerbaijan.
This Law shall enter into force on January 1, 2026.