BAKU, Azerbaijan, April 1. The reins on the effective handling of public finances are being tightened in Azerbaijan, TurkicWorld reports.
A novel regulatory framework for the specified objective will be rolled out commencing today.
The pertinent modifications to the Tax Code, enacted on February 13, have now taken effect as of today.
According to the law, when state bodies (institutions), legal entities owned by the state and whose controlling stake (shares) belong to the state, and public legal entities established on behalf of the state are registered with the tax authority, reorganized or deregistered, information about this (indicating the taxpayer's name, TIN, accounts) will be submitted by that authority electronically to the authority (institution) determined by the relevant executive authority by the 15th of the following month after the end of each month.
In accordance with the existing laws, the tax authorities automatically register the newly formed account using the data it receives, and those who engage in financial activities related to this matter receive a registration notice. Until the registration alert is obtained, individuals engaging in banking operations are not permitted to execute expenditure transactions on the account.
As per the law, if the account registered in accordance with the above paragraph belongs to state bodies (institutions), legal entities owned by the state and whose controlling stake (shares) belong to the state, and public legal entities established on behalf of the state, information about those accounts will be sent electronically by the tax authority to the body (institution) determined by the relevant executive authority within one business day after the date of receipt of the relevant information by the persons conducting banking transactions to the tax authority.
