Amendments are being made to the Tax Code.
Modern.az reports that this issue is reflected in the draft law on amendments to the Tax Code, which was discussed at today's plenary session of the National Assembly.
According to the amendment, when financial institutions open accounts for individuals and legal entities or provide financial services, necessary information and documents for determining a person's residency for the purpose of implementing international agreements to which the Republic of Azerbaijan is a party, providing for the exchange of tax and financial information, as well as information and documents regarding any change that causes a change in the person's residency status in such information and documents, must be submitted by the person to the financial institution within 30 days from the date the change occurred.
According to the new article added to the Code, the administrative liability of persons for submitting inaccurate and (or) distorted information and documents to a financial institution, or for failing to submit information and documents regarding a change causing a change in residency status within the period specified by Article 76-1.2 of this Code, shall be carried out in accordance with the Code of Administrative Offenses of the Republic of Azerbaijan.
This Law comes into force on January 1, 2026.
After discussions, the draft law was approved in the third reading.
