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of December 16, 2016 No. 461-VQ

About clearing settlements

(In edition of the Law of the Azerbaijan Republic of 13.06.2017 No. 729-VQD)

This Law according to Item 15 of part 1 of article 94 of the Constitution of the Azerbaijan Republic establishes legal and economic basis of the clearing settlements made in the territory of the Azerbaijan Republic.

Chapter 1. General provisions

Article 1. Purposes of clearing settlements

The purposes of this Law are ensuring transparency of transactions and calculations made between participants of civil circulation in the territory of the Azerbaijan Republic, consumer protection, stimulation of replacement of cash cash calculations by clearing settlements, acceleration of development of bank system.

Article 2. Legislation on clearing settlements

The legislation on clearing settlements consists of this Law, the Civil code of the Azerbaijan Republic, the Tax code of the Azerbaijan Republic and regulatory legal acts adopted according to them.

Chapter 2. Regulation of clearing settlements

Article 3. Calculations made via bank transfer

3.1. Clearing settlements are meant as the following:

3.1.1. calculations made by transfer from the bank account of one person for the bank account of other person (including by means of payment instruments (payment cards, the payment order and so forth) and means of payment (mobile telephone sets, the computer and other equipment);

3.1.2. calculations made by means of payment terminals;

3.1.3. calculations made by direct transfer to the bank account of the seller in cash procedure.

3.2. Cashless payment by calculations between two parties, being taxpayers, can be made only in the form established in article 3.1.1 of this Law.

3.3. Taking into account provisions of article 3.5 of this Law, the taxpayers registered for the purpose of the VAT and the taxpayers who are engaged in trade and (or) public catering which amount of taxable transactions in any month (months) of the consecutive 12-month period exceeds two hundred thousand manats shall make payments for calculations which total amount exceeds thirty thousand manats during calendar month, via bank transfer, and other taxpayers make payments via bank transfer for calculations which total amount during calendar month exceeds fifteen thousand manats.

3.4. Irrespective of provisions of article 3.3 of this Law the following calculations are made only via bank transfer:

3.4.1. tax payment, customs duties and charges, administrative penalties established by the law, financial sanctions and percent, debts on leasing transactions and issuance of credits;

3.4.3. fee to state bodies, the legal entities who are in property of the state and which controlling stake of shares (shares) belongs to the state, state-financed organizations and legal entities of the public law and other charges;

3.4.4. the salary (including other payments established by the legislation made by the employer), pension, grant, financial support, benefits (including lump-sum allowances), compensations paid by other persons, except for persons acting in the sphere of retail trade, food and services which amount of transactions in any month (months) of the consecutive 12th monthly period exceeds two hundred thousand manats;

3.4.5. fee of stationary phones and utility costs;

3.4.6. payment and return of interest-free money (except as specified issues of money by persons who are not taxpayers), other assignments;

3.4.7. use (expenditure) of the means received under the agreement of public procurements);

3.4.8. payment for training;

3.4.9. payments to travel agents.

3.5. Taxpayers can buy from the physical persons who are not taxpayers in cash form the following goods:

3.5.1. acceptance of agricultural products at producers of agricultural products;

3.5.2. acceptance of black and color scrap metal;

3.5.3. acceptance of products from paper, glass and plastic for utilization and other purposes;

3.5.4. acceptance of the fulfilled tires for the purpose of utilization.

3.6. Calculations, the stipulated in Article 3.4.4 presents of the Law, do not extend to subjects of operational search, intelligence and counterintelligence activities.

Article 4. Responsibility for violation of the Law

4.1. Control of observance of requirements of this Law is exercised by relevant organ of the executive authority.

4.2. Violation of requirements of this Law results in the responsibility established by the law.

Article 5. The introduction of the Law in force

Article 3.3 of this Law concerning the taxpayers registered for the purpose of the VAT and which amount of taxable transactions in any month (months) of the consecutive 12-month period exceeds two hundred thousand manats becomes effective since January 1, 2017, and concerning other taxpayers since April 1, 2017.

President of the Azerbaijan Republic

Ilham Aliyev


Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info

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