BAKU, Azerbaijan, April 1. The reins on the
effective handling of public finances are being tightened in
Azerbaijan, Trend
reports.
A novel regulatory framework for the specified objective will be
rolled out commencing today.
The pertinent modifications to the Tax Code, enacted on February
13, have now taken effect as of today.
According to the law, when state bodies (institutions), legal
entities owned by the state and whose controlling stake (shares)
belong to the state, and public legal entities established on
behalf of the state are registered with the tax authority,
reorganized or deregistered, information about this (indicating the
taxpayer's name, TIN, accounts) will be submitted by that authority
electronically to the authority (institution) determined by the
relevant executive authority by the 15th of the following month
after the end of each month.
In accordance with the existing laws, the tax authorities
automatically register the newly formed account using the data it
receives, and those who engage in financial activities related to
this matter receive a registration notice. Until the registration
alert is obtained, individuals engaging in banking operations are
not permitted to execute expenditure transactions on the
account.
As per the law, if the account registered in accordance with the
above paragraph belongs to state bodies (institutions), legal
entities owned by the state and whose controlling stake (shares)
belong to the state, and public legal entities established on
behalf of the state, information about those accounts will be sent
electronically by the tax authority to the body (institution)
determined by the relevant executive authority within one business
day after the date of receipt of the relevant information by the
persons conducting banking transactions to the tax authority.
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