BAKU, Azerbaijan, February 13. Azerbaijan is
set to enhance its mechanism for overseeing the efficient
management of state finances, Trend reports.
The matter is addressed in the draft law on amendments to the
Tax Code, which was reviewed during today’s plenary session of the
Azerbaijani Parliament.
The legislation introduces new reporting requirements for
government bodies, state-owned entities, and public legal entities
established on behalf of the state. Under the law, when such
entities are registered with the tax authorities, reorganized, or
deregistered, information, including taxpayer name, taxpayer
identification number (TIN), and account details, must be submitted
electronically to the relevant executive authority by the 15th day
of the following month.
Current regulations require that bank accounts be automatically
registered in real time by the tax authorities based on the
information received. Until registration is confirmed, no
transactions are allowed on these accounts.
The new law also mandates that for accounts belonging to
government bodies, state-owned legal entities, and public legal
entities, the tax authorities must forward the account information
to the relevant executive authority within one working day of
receiving it from banks.
The draft law was approved in its third reading after
discussion.
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