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Azerbaijan has Introduced CbC Reporting Requirements

According to recent reports, Azerbaijan has introduced Country-by-Country (CbC) reporting requirements that apply for reporting fiscal years beginning on or after 1 January 2020 for MNE groups meeting the standard EUR 750 million consolidated group revenue threshold in the previous year. The main points are as follows:

  • The requirement to submit a CbC report primarily apply for ultimate parent entities of MNE groups resident in Azerbaijan, although local filing requirements may also apply for non-parent constituent entities if standard secondary local filing requirements are met:
    • the ultimate parent entity of the MNE group is not required to file a CbC report in its jurisdiction of residence;
    • the ultimate parent's jurisdiction of residence has a current International agreement for exchange of information to which Azerbaijan is a party but does not have a qualifying competent authority agreement for the exchange of CbC reports in effect with Azerbaijan; or
    • there has been a systemic failure for exchange by the ultimate parent's jurisdiction of residence and this has been notified by the Azerbaijan tax authority to the constituent entity.
  • Where there is more than one constituent entity of the same MNE group that would be required to file a CbC report, one may be designated to fulfill the requirement;
  • Secondary local filing requirements will not apply if a CbC report has been filed by a surrogate parent entity in another jurisdiction and certain requirements are met, including that the report will be exchanged with Azerbaijan;
  • The deadline to submit CbC reports is 12 months after the end of the reporting fiscal year, with the first reports due by 31 December 2021;
  • Entities resident in Azerbaijan must submit a notification of participation in an MNE group by 30 June following the end of the report fiscal year, including information on whether the entity is the ultimate or surrogate parent entity or, if neither, information on the reporting entity for the group;
  • Failing to comply with the CbC report requirement will result in a penalty of AZN 500.

Note, Azerbaijan has not currently entered into any competent authority agreement for the exchange of CbC reports.

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