Insurance tax information system under introduction in Azerbaijan


December 18, Fineko/ The system of insurance tax information, common in many countries, will be applied in Azerbaijan, in particular in the field of insurance.

Insurance expert Mustafa Abbasbeyli says that the relevant amendments have been made to the Law on Insurance and the Tax Code of the country.

"The new requirements concern accumulation life insurance, in particular the use of the accumulated funds as investments. In accord with the new requirements the local insurance companies will inform about foreign customer’s earnings the appropriate body in the country, where he is a citizen," Abbasbeyli said.

He added that the new requirements do not cover foreigners working in foreign companies in Azerbaijan, as they are local taxpayers. The new requirements relate only to foreign nationals who came to Azerbaijan with the purpose of investments.

The expert thinks the similar requirements can be applied towards Azerbaijani citizens investing abroad.

"If the system of tax information is effective in Azerbaijan, it could be also applied in respect to Azerbaijani citizens investing in other countries," Abbasbeyli said.