nizamname

If You Do Not Pay the Charter Capital on Time, You May Be Fined Up to 2000 AZN

by Uncategorized

Important Information Regarding the Payment of Charter Capital

After the company is officially registered, the charter capital must be paid within a maximum of 90 days (a shorter period may be specified in the charter). The payment receipt confirming the amount paid must be submitted to the tax authority within 5 days.

Failure to comply with these rules may result in the following penalties:

🔹 Failure to pay the charter capital on time:

● 1000 AZN for the director or responsible officer
● 2000 AZN for the legal entity

🔹 Failure to submit the payment confirmation document to the tax authority:

● 500 AZN for the responsible officer
● 1000 AZN for the legal entity

Comply with the rules on time and avoid fines!

For more detailed information and legal support, contact us:

✉️ Email: [email protected] | 📲 Mobile: +99455 2134939 | ☎️ Tel: +99412 3108659

1256244

Tax and Taxation

by Uncategorized

Tax and Taxation

Tax is a compulsory, individual, and non-refundable payment transferred to the state and local budgets by taxpayers from their property funds to financially support the activities of the state and municipalities.

Tax reports must be prepared and submitted correctly every year. This is important for business owners’ financial planning and productivity. Since tax regulations are regularly updated, professional financial services—such as those provided by Abacus Audit—can be crucial. Abacus Audit offers services to effectively manage your tax reports and financial operations.

Some types of taxes include:

  • Personal Income Tax: A tax calculated on an individual’s income, such as salary, undocumented income, and additional earnings, which must be paid to the state.

  • Corporate Profit Tax: A tax that legal entities, such as enterprises and organizations not owned by municipalities, must pay on their income.

  • Simplified Tax: A taxation regime that simplifies tax reporting and payments, especially applied to small and medium-sized businesses.

  • Value Added Tax (VAT): A government tax added to the value of goods produced or sold by enterprises or individuals.

  • Excise Taxes: Government taxes that enterprises and individuals must pay when purchasing or selling certain goods.

If you want to gain deeper knowledge about taxes and properly manage your finances, it is advisable to use professional assistance. Abacus Audit can help you fulfill your tax obligations and manage your financial responsibilities with their professional financial services.

SANCTIONS

Financial Sanction and Administrative Penalty

by Uncategorized
  1. According to Article 57.1 of the Tax Code, a financial sanction of 40 AZN is imposed on taxpayers who do not submit their tax report or, if there was no entrepreneurial activity or other taxable transactions during the reporting period, do not submit a certificate instead of the tax report to the tax authority within the established timeframe without valid reasons, based on the decision of the head (or deputy) of the tax authority.
  2. According to Articles 59.1 and 59.2 of the Tax Code, if the tax or current tax payment is not paid within the period established by the Tax Code, an interest of 0.1% of the unpaid tax or current tax payment amount is charged for each overdue day after the payment deadline from the taxpayer or tax agent. This interest is applied to all overdue periods regarding tax payments but not exceeding one year. This interest is applied to tax amounts unpaid on time identified as a result of field tax audits from the day these tax amounts are charged to the taxpayer.
  3. According to Article 461.1 of the Code of Administrative Offenses, failure to submit tax reports related to activities carried out under international agreements ratified by the Republic of Azerbaijan, production sharing agreements approved by law, the main export pipeline agreement, and other similar agreements to the State Tax Service within the established timeframe without valid reasons (except where other rules are stipulated in those agreements) results in a fine of 50 AZN imposed on the responsible officials.
  4. According to Article 461.2 of the Code of Administrative Offenses, failure to submit a report on the collection of state fees in cases and procedures determined by the Law of the Republic of Azerbaijan “On State Fees” to the State Tax Service results in a fine of 50 AZN imposed on responsible officials.
  5. According to Article 467 of the Code of Administrative Offenses, for violation of the rules for payment of state fees, i.e., improper collection of state fees by authorized officials or failure to pay the state fee to the state budget on time or in full, responsible officials are fined between 500 AZN and 700 AZN.