Financial sanctions for underpayment of taxes increase in Azerbaijan

11:21 - 7.11.2023

November 7, Fineko/abc.az. Azerbaijan is to increase the amount of financial sanctions for incomplete payment of taxes and other tax offenses from 2024.

ABC.AZ reports that this is reflected in the draft amendments to the Tax Code.

Currently, the size of the financial sanction is up to 6% of the cost of non-commodity transactions.

According to the proposed change, size of the sanction will be up to 10% of the cost of non-commodity operations for the first violation during a calendar year, up to 20% of the cost of non-commodity operations for repeated violations and up to 40% of the cost of non-commodity operations if the violation is repeated three times or more.