Azerbaijan increases financial sanctions for incomplete payment of taxes

Starting in 2024, the amount of financial sanctions for incomplete payment of taxes and other tax offenses will be increased in Azerbaijan, Report informs with reference to the bill “On Amendments to the Tax Code.”

Currently, the amount of financial sanctions is up to 6% of the cost of non-commodity transactions. According to the proposed change, the size of the sanction will be up to 10% of the value of non-commodity transactions for the first violation during a calendar year, up to 20% of the value of non-commodity transactions for a repeated violation, and up to 40% of the value of non-commodity transactions if the violation is repeated three times or more.