11:28 - 27.04.2023

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April 27, Fineko/abc.az. Azerbaijan has joined many bilateral and multilateral international agreements on the automatic exchange of tax and financial information.

ABC.AZ reports with reference to the State Tax Service that among them is the "Protocol on the exchange of information in e-form for tax administration between the CIS member countries", "Convention on mutual administrative assistance in tax matters", "Multilateral agreement between authorized bodies on the automatic exchange of information on financial accounts", etc.

Within these agreements, the STS receives information on an annual basis on income received by Azerbaijan’s residents in foreign countries and on bank accounts opened by them. However, during the study of the data, it was found that the income received by residents of Azerbaijan abroad has low level of declaration.

According to Article 97.1 of the Tax Code, the income of a resident taxpayer consists of income received by him in Azerbaijan and abroad.