Azerbaijan proposes halving the interest rates charged for each day that tax obligations remain overdue. State Tax Service head Orkhan Nazarli announced the initiative at a parliamentary committee meeting, according to the tax service publication Vergilər on November 6.
The draft also includes incentives to encourage prompt payment of financial penalties, without specifying their terms in this announcement.
Scope of the proposal
Lower interest and cancellation of the underlying tax debt are separate measures. The source does not announce a debt write-off.
The change remains a proposal. This publication does not give the exact new rate, implementation date or treatment of existing arrears.