By  Trend

The period of repaying overpaid taxes, interest or sanctions in Azerbaijan has been reduced from 45 to 20 days, according to the decision adopted by the country’s Cabinet of Ministers.

This concerns taxpayers who have a zero VAT rate applied to at least 50 percent of turnover.

For other taxpayers, the period for the repayment of overpaid taxes has been also reduced from 45 to 20 days. However, if earlier, tax authorities checked for five months whether taxes were actually overpaid, now this period has been reduced to three months. If the overpayment of taxes is confirmed after three months, the tax authorities return the overpaid amount within 20 days.

The three-month verification period doesn’t concern taxpayers who have a zero VAT rate applied.