Revisions to Azerbaijan's Tax Code have been reportedly approved in relation to the rules for controlled foreign companies (CFCs), transfer pricing, and CbC reporting. The amendments are generally effective from 1 January 2022.
In regard to CFCs, the rules have been revised to provide that foreign companies will be recognized as a CFC of an Azerbaijan resident company if:
- The resident, together with associated companies, directly or indirectly holds a participation of more than 50% in the f…