Amendments to the Regulations on Foreign Currency Transactions

According to the Amendments to the Regulations on Transactions with Foreign Currencies by Residents and Non-residents in the Republic of Azerbaijan made on 26 February 2018 (effective date 8 March 2018), the period for submission of customs declarations confirming import of goods (or the document confirming performance of services) has been extended from 180 days to 270 days from the date of the payment for such goods (or services). 

Accordingly, residents and non-residents are required to submit customs declarations (or another document in case of imported services) to the relevant bank within 270 days from the date they make payment for such goods (or services). 

Please further note that, failure to satisfy this requirement of the legislation is punishable by a fine in the amount from 10% to 20 % of the amount of relevant payment with regard to officers and from 20% to 30% of the relevant amount with regard to legal entities. 

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