The Tax Code of the Republic of Azerbaijan

Article 59. Interest on overdue debts and overpaid taxes
59.1. For failure to pay the tax or current tax payment in period stipulated by the present Code, the interest at rate 0,1 % of the amount of tax or current tax payment shall be withheld from the taxpayer or tax agent for each day of delay.
59.2. Interest rates established by article 59.1. of this Code shall be applied in respect of overdue amounts of taxcurrenttax payments for the whole period of delay but not more than for 1 year. This interest shall be applied to delayed payments of tax amounts, found during the site tax inspection, from the date of payment of such tax amounts to the taxpayer.
59.3. Where taxes are overpaid or the amount of tax not charged correctly, unless otherwise stipulated by this Code, interest shall be paid to the taxpayer at the rate of 0.1 percent of relevant amounts beginning from the date that an application on the refund of the excess amount is placed up to the date that such amount is refunded.
If overpaid amounts of tax are refunded to the taxpayer within 45 days from the date of application interests shall not be paid to the taxpayer.
Article 60. Financial sanctions applied to banks and other credit organizations managing various types of banking activity
60.1. Following financial sanctions shall be applied to banks and institutions managing various banking accounts:
60.1.1. For opening a current bank account, or other account, for a physical or legal person involved in entrepreneurial activity in accordance with this Code, in the absence of a duplicate certificate issued by the tax authority in accordance with Article 35 of this Code has been issued to such legal person, individual entrepreneur, branch and permanent establishment by the relevant tax authority - the amount of 400 manats for each account set;
60.1.2. For not executing a request of natural or legal persons involved in entrepreneurial activity for payment of taxes from the resources available in such taxpayer’s running or other accounts in national or foreign currency, as well as instructions of tax authorities on deductions from taxpayers’ accounts, debts, interests and financial sanctions on taxpayer taxes in the order of payment stipulated by the Civil Code, or the freezing of fundsin the amountprescribed by this Code- in the amount of 50 percent of the value of transactions made in violation of the order of priority, or the amounts specified inthe instructionof the tax authoritiesto freezefunds in the amountprescribed by thisCode. Therewith the sum of applied financial sanction should not exceed 50 percent of the amount specified in these payment orders or instructions of the tax authority.
In the case of undoubted deduction of funds from the taxpayer’s currency account the bank freezes on the currency account the funds at the value of 105 percent of the amount specified in the instructions at the rates established by the Central Bank at the date of payment. The instruction shall be fulfilled upon converting the currency funds of the taxpayer into manats.
60.1.3. For not execution of instructions of tax authorities on stopping the operations on payment and other accounts of natural or legal persons involved in entrepreneurial activity- at the amount of 10 percent of the value of operations conducted on these accounts.
60.1.4. For failure to fulfill the requirements of Article 76.2-1 of this Code - in the amount of 30 percent of the total amount of conducted transaction, and if the transactions on these accounts have not been conducted - in the amount of 400 manats for each such account.
60.2. In cases stipulated in article 60.1.2. of this Code upon the submission of relevant instructions to the banks and other credit institutions managing various types of banking activity the interest shall not be charged from taxpayer effective from the date of such instruction.