A number of changes have been made in the recent amendments to the Tax Code that meet the interests of taxpayers. One of them is related to the cancellation of the financial sanction applied for non-submission of tax reports by taxpayers who did not have entrepreneurial activity or other taxable transactions during the reporting period.
In practice, a number of taxpayers (especially micro-entrepreneurs) do not submit a certificate in many cases on the absence of entrepreneurial activity or other taxable transaction (in most cases due to lack of knowledge of the requirements of the legislation) and a monetary sanction in the amount of 40 manats was imposed on those persons by the tax authority. And it caused financial losses to taxpayers who did not incur tax liability.
According to the amendment to the legislation, after that, financial sanctions will be applied only for non-submission of the tax report within the specified period by the taxpayer who conducts taxable or tax-exempt transactions for the reporting period, as well as those who are subject to taxation, i.e. who are obliged to submit tax reports.
Financial sanctions will not be imposed on taxpayers who fail to submit a certificate of absence of entrepreneurial activity or other taxable transaction during the reporting period.
