BAKU, Azerbaijan, February 13. Azerbaijan is set to enhance its mechanism for overseeing the efficient management of state finances, Trend reports.
The matter is addressed in the draft law on amendments to the Tax Code, which was reviewed during today’s plenary session of the Azerbaijani Parliament.
The legislation introduces new reporting requirements for government bodies, state-owned entities, and public legal entities established on behalf of the state. Under the law, when such entities are registered with the tax authorities, reorganized, or deregistered, information, including taxpayer name, taxpayer identification number (TIN), and account details, must be submitted electronically to the relevant executive authority by the 15th day of the following month.
Current regulations require that bank accounts be automatically registered in real time by the tax authorities based on the information received. Until registration is confirmed, no transactions are allowed on these accounts.
The new law also mandates that for accounts belonging to government bodies, state-owned legal entities, and public legal entities, the tax authorities must forward the account information to the relevant executive authority within one working day of receiving it from banks.
The draft law was approved in its third reading after discussion.
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