BAKU, Azerbaijan, January 26. The rules for
providing information and documents by financial institutions and
other persons have been changed in Azerbaijan, Trend reports.
This issue is reflected in the law of President of the Republic
of Azerbaijan Ilham Aliyev, "On amendments to the Tax Code of
Azerbaijan."
According to the law, when financial institutions open accounts
for individuals and legal entities or provide financial services,
the information and documents necessary to determine the residency
of a person for the purpose of implementing international
agreements to which Azerbaijan is a party, which provide for the
exchange of tax and financial information, as well as in the event
of a change in such information and documents that leads to a
change in the residency status of a person, the information and
documents must be submitted by the person to the financial
institution within 30 days from the date of the change.
Persons must be held administratively liable for submitting to a
financial institution inaccurate and/or distorted information and
documents or for failing to submit information and documents on
changes that lead to a change in the residency status within the
above-specified period in accordance with the Code of
Administrative Offenses.
The Head of State signed a decree on the implementation of the relevant law.
