11:42 - 9.01.2020

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January 9, Fineko/abc.az. The Compulsory Insurers Bureau has been fined.

ABC.AZ informs that the cause for fining the Bureau was 3-year non-payment of taxes, says the report published by the Bureau.

The report says that in 2017 tax authorities withheld only AZN 5,485,284 from CIB’s bank accounts in the form of a fine for non-payment of income tax for 2017 and income tax for the previous 3 years

According to the tax law, the Bureau did not consider itself a payer of income tax and therefore decided to apply to the court for compensation of the withheld amount, since the issue was not resolved at the level of the tax appeal. Based on the facts and circumstances of 31 December 2017, the Bureau's management concluded that the tax or judicial authority is likely to make a decision to exempt the Bureau from taxes.

It should be noted that in 2018 the CIB paid only AZN 1,502,450 in the form of income tax to tax authorities for 2017 and 2018 in order to prevent additional sanctions from the tax authorities and additional deductions from Bureau’s bank accounts.