Azerbaijan leader approved changes to Tax Code


June 21, Fineko/abc.az. President Ilham Aliyev has signed the law on the amendments to the Tax Code.

ABC.AZ reports that in compliance with the amendments, if the mortgage holder purchases property that is encumbered with a mortgage below the amount of the debt, the auction organizer does not withhold tax at the source of payment.

According to the document, the auction organizer submits to the tax authority information about this (for transactions that are not taxed at the source of payment) according to the approved form within 10 working days from the date of registration of the auction results. Individual entrepreneurs, in accordance with Articles 220.8 and 220.8-1 of this Code, transfer the simplified tax to the State Budget no later than the 20th day of the month following the reporting month, and submit a declaration about it to the tax authority.