Penalties for overdue tax payments will be canceled

Baku. 20 December. REPORT.AZ/ Penalties for overdue payments by taxpayers in Azerbaijan will be crossed out. Moreover, financial sanctions are also expected to be canceled.

Report informs, it is envisaged in legislative draft aimed at regulation of tax debts.

The bill was discussed at the meeting of Milli Majlis (Azerbaijani Parliament) committee for economic policy, industry and entrepreneurship and recommended to plenary session.

Debts on personal accounts of taxpayers arisen from penalties for unpaid taxes within established by Tax Code terms will be crossed out by appropriate executive body on January 1, 2017.

Debts on personal accounts of taxpayers arisen from financial sanctions applied based on clause 58.7 of Tax Code by tax departments will be crossed out by appropriate executive body on January 1, 2017