Tax Compliance
It’s an undeniable fact that accurate tax compliance is mandatory for whole business fields, especially considering rapid legislative and regulatory changes, moreover it’s mandatory to stay current on this process. Our experienced team will help you from A to Z of compliance process, prepare, manage and submit all needed documents accurately as per the latest legislative updates on required deadline:
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Value Added taxes (VAT) reports- calculation of VAT taxable base and filling the declaration on a monthly basis;
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Corporate Income Tax (CIT) reports-calculation of CIT and filling the declaration on annual basis;
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Withholding Tax report – calculation of withholding tax and filling the declaration on a quarterly basis;
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Reverse Charge VAT (RCVAT)- calculation of RCVAT taxable base (if any) filling the declaration on a monthly basis;
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Simplified Tax reports – calculation of income and preparation of tax report;
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Personal Income Tax (PIT) -calculation of PIT and filling the declaration on monthly;
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Property Tax -calculation of Property and land taxable base and filling the declaration on annual basis;
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Statistical and other related reports.
Tax Advice
Our Tax advisory service includes analyzing financial and tax problems, formulating solutions and making recommendations designed to provide advice on taxation for clients ranging from individuals to business. We will help an entity translate personal and/or business goals into targeted action steps designed to maximize the entity’s tax position. Our assistance includes the following:
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Providing guidance on business models and processes, offering advice on optimal tax and customs structures in Azerbaijan;
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delivering continuous support encompassing legal, tax, accounting, compliance, advisory, and administrative services;
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advising on local company matters, corporate issues, contracts, labor, immigration, licensing, certification, standards, and commercial regulations;
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assisting employees with personal income tax matters; conducting analyses of tax, financial, and customs aspects for various operation models in Azerbaijan;
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providing insights and recommendations for tax-efficient operation structures and restructuring opportunities; offering complete outsourcing of accounting, tax, payroll, and financial compliance and reporting;
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conducting transfer pricing analysis and assisting in setting up inter-group transfer pricing regulations; customizing client ERP systems to align with changes in the structure of Azerbaijan operations;
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transforming company GAP-based chart of accounts to comply with local standards and vice versa.
Tax Review
The nature of services provided under this section are the identification of tax non-compliance resulting in risks for the Company. Such risks could arise from inconsistent tax treatment of specific transactions or could be related to insufficient tax reconciliation controls. Depending on the nature of the threats identified during the review, we will suggest practical methods of minimizing or managing the risk. Additionally, where available, we will comment on tax minimization opportunities.
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Review completeness and accuracy of calculations and timeliness of tax payments;
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Confirm compliance with tax filing rules, particularly with respect to preparation and timeliness;
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Consider documentary transaction support within the framework of the accounting and tax legislation;
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Evaluate opportunities for tax minimization, including the application of double tax treaty provisions;
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Prepare a report summarizing our findings and outlining our recommendations for measures to manage exposures and/or take advantage of proper tax function.
Individual tax services
We offer wide range of tax services to business individuals – business leaders, business-owning family, private capital investors also. No doubt that your business will be in trustful hands, while our experienced team will take care of all the preparations and filing.
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Assisting individuals in preparing and filing their income tax returns accurately and in compliance with tax laws;
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Developing strategies to optimize tax outcomes for individuals, considering factors like investments, deductions, and credits;
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Ensuring individuals comply with all relevant tax laws and regulations, staying up-to-date with any changes that may impact them;
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Reviewing individual financial situations to identify eligible deductions and credits that can reduce tax liabilities;
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Providing guidance on minimizing tax implications related to estates and inheritances;
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Assisting individuals in planning for tax-efficient retirement, including strategies for withdrawals from retirement accounts;
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Offering guidance for individuals with international tax considerations, including expatriates and foreign income;
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Assisting individuals who are required to make quarterly estimated tax payments, ensuring compliance with payment schedules;
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Providing advice on organizing and maintaining necessary tax records for future reference and audits;
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Offering ongoing support and answering queries throughout the year, not just during the tax filing season.
Tax accounting
Our experienced team provide assistance in the following areas connected with maintenance of general ledger accounts and month-end closing in accordance with the Azerbaijani accounting principles generally acceptable for the current year:
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input received and issued invoices by the Company into the accounting system;
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preparation of payment order to the bank;
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identify taxable base and calculate applicable taxes;
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enter the calculations into the accounting software for further preparation of the tax reports;
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review expense documents and business trip reports submitted by individuals;
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review documentation (invoices, customs declarations, etc.) for purchase of assets;
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maintain a list of assets and their value;
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input information into the accounting system;
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preparation of VAT invoices electronically;
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maintenance of VAT purchases and sales registers based on the underlying invoices.
