Mechanism of bank account opening simplified

Some of the recent changes made to the Tax Code relate to reduction of the administrative burden on taxpayers.

Under the valid law, the taxpayer must submit an application in paper or electronic form to tax authorities for opening of a bank account. The application must be processed by the tax authority within 2 days.

If the taxpayer does not have a tax debt to the State Budget, a duplicate certificate is sent to the bank by the tax authority for opening of an account, and if there is a debt, he is refused in opening of a bank account. If for any reason the bank account is not opened within the period established during this process, that is, within 10 days, the duplicate certificate sent to the bank by the tax authority is regarded as an invalid document, and opening of an account on this duplicate certificate becomes impossible.

banks.az reports with reference to the State Tax Service that in order to reduce the existing administrative burden on taxpayers in the field of opening bank accounts, a number of changes were made to the tax legislation.

Thus, the restriction on opening of accounts for debtor taxpayers has been lifted, the taxpayer's requirement to obtain a duplicate certificate from the tax authority for opening of accounts from persons engaged in banking operations has been canceled. So, from now on, accounts will be opened on the basis of a taxpayer's appeal directly to persons carrying out banking operations.