BAKU, Azerbaijan, January 26. The rules for providing information and documents by financial institutions and other persons have been changed in Azerbaijan, Trend reports.
This issue is reflected in the law of President of the Republic of Azerbaijan Ilham Aliyev, "On amendments to the Tax Code of Azerbaijan."
According to the law, when financial institutions open accounts for individuals and legal entities or provide financial services, the information and documents necessary to determine the residency of a person for the purpose of implementing international agreements to which Azerbaijan is a party, which provide for the exchange of tax and financial information, as well as in the event of a change in such information and documents that leads to a change in the residency status of a person, the information and documents must be submitted by the person to the financial institution within 30 days from the date of the change.
Persons must be held administratively liable for submitting to a financial institution inaccurate and/or distorted information and documents or for failing to submit information and documents on changes that lead to a change in the residency status within the above-specified period in accordance with the Code of Administrative Offenses.
The Head of State signed a decree on the implementation of the relevant law.