The fine for failure to return foreign currency funds from abroad is changing, and there will be a case of exemption from liability, APA reports.
This is reflected in the amendment to the Code of Administrative Offenses approved by President Ilham Aliyev.
According to the amendment, the words “in a small amount” are removed from the disposition, the sanction is reduced, and a case of exemption from administrative liability is established. In other words, for failure to return from abroad foreign currency funds obtained as a result of foreign economic activity and subject to mandatory transfer to accounts at authorized banks of the Republic of Azerbaijan, officials will be fined in the amount of 10% to 20% of the amount of currency funds that were the direct object of the administrative offense, while legal entities will be fined in the amount of 20% to 30% of the amount of currency funds that were the direct object of the administrative offense. During proceedings on the envisaged administrative offense, if the person against whom the proceedings are being conducted returns from abroad, before a court or other competent authority (official) adopts a decision on the administrative offense case, the foreign currency funds obtained as a result of foreign economic activity and subject to mandatory transfer to accounts at authorized banks of the Republic of Azerbaijan, that person will be exempt from administrative liability.
Until now, failure to return from abroad a small amount of foreign currency funds obtained as a result of foreign economic activity and subject to mandatory transfer to accounts at authorized banks of the Republic of Azerbaijan was punishable by a fine of 30% to 50% of the value of the foreign currency that was the direct object of the administrative offense. A “small amount” meant an amount of up to 20,000 manats.
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