Finance

Finance

Azerbaijan tightens punishments for evasion from payment of tax and social insurance fee

03 May 2016 12:30 (UTC +04:00)

Azerbaijani Parliament told APA that annexes and amendments are offered to be made to the article #213 of the Criminal Code (Evasion from payment of taxes).

According to annex and amendments offered to the item #1 of the article, evasion of a person from payment of taxes and mandatory state social insurance fee is punished by penalty at a rate from twofold of the amount of damage up to fourfold or imprisonment for the term up to three years by being deprived or not of right to hold any position or engage in any activity for three years.

Under the current version, a person accused of committing same act is punished by the penalty at a rate from AZN 1,000 up to AZN 2,000 or corrective works for the term up to two years or imprisonment for the term up to three years.

According to annex and amendments offered to the item #2, the same acts committed by an organized group or at a large amount are punished by penalty at a rate from threefold of the amount of damage up to fivefold or imprisonment for the term from three years up to seven years by being deprived or not of right to hold any position or engage in any activity for three years. Under the current version, committing of the same acts is punished by the imprisonment for the term from three years to seven years.

The large amount means over AZN 100,000.

The draft amendments have been recommended to the plenary meeting and will be discussed on May 6.