Azerbaijan plans to simplify the procedure for refunding overpaid taxes for exporters and residents of industrial and technology parks. The new mechanism aims to facilitate businesses’ access to financial resources, reduce the administrative burden, and accelerate the tax refund process.
Under the new rules, applications for the refund of overpaid taxes will be generated automatically in the electronic accounts of taxpayers who meet the established requirements. Once the taxpayer confirms the application, the refund procedure will begin.
Who Can Benefit from the Simplified Procedure?
According to tax expert Emin Sattarov, the new mechanism is intended for exporters with overpaid taxes. To benefit from the procedure, taxpayers must meet several requirements.
Specifically, taxpayers must not be classified as high-risk taxpayers, engage in high-risk procurement transactions, or be undergoing an on-site tax audit. In addition, their submitted tax returns must not contain risk factors identified during desk tax audits.
Another important requirement is that declared salaries must not be below the average monthly benchmark.
Emin Sattarov noted that compliance with legal requirements and the proper preparation of payroll records and tax returns would enable businesses to recover overpaid amounts more quickly and use these funds more flexibly. In this regard, accountants bear particular responsibility. They must identify potential risks in a timely manner, prepare tax reports accurately, and ensure the accuracy of the relevant information.
The Significance of the New Mechanism for Businesses
According to the State Tax Service, the initiative is intended to promote exports, support the activities of residents of industrial and technology parks, and facilitate businesses’ access to financial resources.
Fariz Salahov, an employee of the agency, stated that measures to develop entrepreneurship and expand access to financial resources would continue.
Simplifying the procedure for refunding overpaid taxes could help businesses return funds to circulation more quickly, reduce the time spent on administrative procedures, and contribute to more efficient business operations.
In light of these changes, maintaining accurate accounting records, submitting tax returns on time, ensuring that payroll information is properly documented in accordance with applicable legislation, and identifying tax risks in advance are becoming particularly important for businesses.
Note: Before making decisions regarding eligibility for the procedure and its implementation, it is recommended to review the relevant official announcements of the State Tax Service and the applicable legislation.
Source: Click!
