Azerbaijan Tax Ministry Clarifies Amendments to Tax Code

The Azerbaijani Ministry of Taxes Dec. 29 clarified amendments to the tax code. The amendments include measures: 1) providing taxation rules for controlled foreign companies under the preferential tax regime; 2) establishing a procedure for tax audits if the amount of taxable income exceeds 500,000 Azerbaijani manats (US$294,294); 3) requiring VAT-registered taxpayers to report debt-related transactions to the tax authority electronically; 4) imposing a 2,000 manat (US$1,177) penalty for providing false information; 5) establishing deadlines, payment procedures, and electronic submission requirements; 6) establishing rules for withholding taxes; 7) setting tax rates for tobacco products and add tax rules for electronic ...