A new fine is established for submitting inaccurate and (or) distorted information and documents for the purpose of determining the residency of an individual, for the implementation of international agreements to which the Republic of Azerbaijan is a party, providing for the exchange of financial information.
Modern.az reports that this issue is reflected in the proposed amendment to the “Code of Administrative Offenses,” which was discussed at today's plenary session of the Milli Majlis.
According to the draft, when accounts are opened or financial services are provided by financial institutions to natural and legal persons, natural persons will be fined three hundred manats, and legal persons will be fined one thousand manats for submitting inaccurate and (or) distorted information and documents for the purpose of determining the residency of an individual, for the implementation of international agreements to which the Republic of Azerbaijan is a party, providing for the exchange of tax and financial information, or in the event of a change occurring in the submitted information and documents that leads to a change in the person's residency status, for not submitting information and documents regarding this to the financial institution within the period specified by the Tax Code.
The draft law was adopted in the third reading.
