12:50 - 23.12.2024

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December 23, Fineko/abc.az. Starting from 2025, financial sanctions will be applied in Azerbaijan if payments for the purchase and sale of precious stones, precious metals, including products made from them and cultural products, as well as movable property registered in official registers, with the exception of car sales, totaling more than 15,000 manats, are not made by wire transfer.

ABC.AZ informs that changes have been made to the Tax Code in this regard.

Despite the fact that so far the Law on Non-Cash Payments has established that these transactions are carried out only by wire transfer. The Tax Code did not provide for any financial penalties for violations in this regard.

The Plan of short-term measures to eliminate the shortcomings identified in the mutual assessment report of Azerbaijan, approved by the MONEYVAL Committee of the Council of Europe, contains recommendations relating to violations of the Law on Non-Cash Payments. The current amendment related to establishment of a liability measure for violation of the requirement, provided for by the above-said law.