From now on, financial sanctions not to be applied to this category of taxpayers

17:17 - 18.01.2023


January 18, Fineko/abc.az. One of the latest changes in the Tax Code is related to the abolition of financial sanctions applied for failure to submit tax reports to taxpayers who did not carry out business activities or other taxable transactions in the reporting period.

ABC.AZ reports with reference to the State Tax Service that in practice, a number of taxpayers in many cases did not present certificates of absence of entrepreneurial activity or other taxable transactions, and the tax authority applied a financial sanction of 40 manats to these persons. And this entailed financial losses for taxpayers who had no tax obligations.

According to the amended legislation, from now on, financial sanctions will be applied only for failure to submit tax reports within the prescribed period without justification by a taxpayer performing taxable or tax-exempt transactions for the reporting period, as well as being objects of taxation, that is, obliged to submit tax reports.

Taxpayers who have not submitted a certificate of absence of entrepreneurial activity or other taxable transaction in the reporting period will not be subject to financial sanctions.

Other news