Azerbaijan updates reporting rules for multinational company groups

The Board of the Ministry of Economy has introduced amendments to several reporting forms, including those related to building construction activities, cross-border corporate reporting, reconciliation acts, and electronic account-operation reports submitted by credit and e-money institutions, Report informs.

The amendments were approved by a new decision signed by Minister Mikayil Jabbarov.

Under the updated rules, if a multinational company group registered for tax purposes in Azerbaijan has a consolidated income exceeding the manat equivalent of 750 million euros in the previous financial year, it will be required to submit a Country-by-Country Report. This will support automated information exchange with competent authorities of other states under international agreements to which Azerbaijan is a party. Previously, this requirement applied only to resident entities.

The ministry's Legal Department has been instructed to submit the decision to the Ministry of Justice for inclusion in the State Register of Legal Acts within three days.