According to Article 16.9 of the Tax Code, in case the total income of a group of transnational corporations in a fiscal year exceeds the AZN equivalent of 750 million euro, a resident entity of the Republic of Azerbaijan belonging to a group of transnational corporations submits a report to the tax authority within a term approved by the relevant authority for the purposes of automated information exchange with authorized bodies of other states under international treaties to which the Republic of Azerbaijan is a party. Amendment was made to Article 57.1-2 of the Tax Code, according to which the amount of financial sanction to be applied to the taxpayer for non-submission of the report within the established term, in the established form and order was increased to 10000 AZN (previously was 500 AZN).
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