Amendments to the procedure for submitting residency information have been proposed in Azerbaijan.
The changes are outlined in a draft law introducing amendments to the Tax Code, which is included on the agenda of the Milli Majlis session scheduled for December 16.
Under the proposed amendments, when opening accounts or providing financial services to individuals and legal entities, financial institutions will be required to take into account Azerbaijan’s international agreements on tax and financial information exchange.
To determine a person’s residency status, the necessary data and documentation – as well as information on any changes affecting residency – must be submitted to the financial institution within 30 days of such changes.
The draft law also предусматривает that if inaccurate or distorted information is provided, or if required documents are not submitted on time, financial institutions will be entitled to hold the individual or entity administratively liable in accordance with the Code of Administrative Offenses.
