The law ‘On regulation of tax debts existing as of 1 January 2017’ was adopted at the plenary session of the Milli Majlis (Parliament) on December 30.
The law assumes the full write-off of interest charged for late payment of tax as of 1 January 2017, as well as the gradual write-off of financial sanctions.
According to the law, if a taxpayer repays 30% of the debt on financial sanctions in January 2017, the tax authority withdraws the remaining 70% of the debt. If the taxpayer pays 50% of the sanctions in January-February 2017, the tax authority withdraws the remaining 50%. If the taxpayer pays 70% of the financial penalties in January-March 2017, the tax authority withdraws the remaining 30%.
According to the Ministry of Taxes, as a result of the adoption of this law it is expected to write off a tax debt amounting to about AZN 624 million.
The law will touch 44,704 taxpayers, of which 1,037 represent the public sector, and 43,667 represent the private sector. -06D--
Economics
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Azerbaijan’s Milli Majlis ratified the second amendment to the agreement on the joint development of the Azeri-Chirag-Gunashli (ACG) oil and gas block during its plenary session on Wednesday. The bill was submitted to parliament as a legislative initiative by President Ilham Aliyev.
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Azerbaijan’s Information and Communication Technologies Agency (IKTA) reported significant improvements in the quality of internet and telecommunications services in the first half of 2024, driven by a comprehensive assessment framework and enhanced regulatory measures.
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In 2024, Azerbaijan will double its gas supply to Bulgaria, which not only uses this gas for its own needs but also partially sends it to its Balkan Gas Hub and, by agreement with SOCAR, organizes the transit of various volumes to its neighbors.
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