Information about bank accounts to be submitted to tax authority

One of the changes made to the Tax Code relates to the submission of information about bank accounts to the tax authority.

banks.az was informed at the State Tax Service under the Ministry of Economy that the change requires from banks to submit monthly to the tax authority the information on all transactions on taxpayer accounts opened on the basis of a duplicate certificate.

As a next step, in order to increase the efficiency of control measures taken by the tax authorities to reduce the volume of the "shadow economy", banks will also be required to submit to the tax authority the information on bank accounts opened for business purposes not only for VAT payers, but also for all taxpayers.