A proposal was submitted in the Azerbaijan parliament on 16 November 2022 to increase the penalty for failing to submit a Country-by-Country report when required. Azerbaijan's CbC reporting requirements include the standard EUR 750 million group revenue threshold. The proposal includes an increase in the penalty from AZN 500 to AZN 10,000 for failing to submit a CbC report within the specified time, form, and manner. Subject to approval, the increase is to apply from 1 January 2023.
Note, it…