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Azerbaijan: Electronic accounting required for certain entities

A law requires that accounting for certain categories of entities be conducted in electronic form

March 1, 2024

A law signed on 22 December 2023 (and effective 22 January 2024) requires that accounting for the following categories of entities be conducted in electronic form:

  • Large enterprises
  • Medium-sized enterprises in accordance with the following stages:
    • Those providing financial services from 1 January 2024
    • Those providing telecommunication services from 1 April 2024
    • Those selling oil and gas products at gas stations from 1 July 2024
    • Sports betting operators from 1 October 2024
    • Other medium-sized enterprises from 1 January 2027
  • Taxpayers operating within the framework of production sharing, main export pipeline, and such other agreements approved by law, or laws, including laws on oil and gas, export-oriented oil and gas activities
  • Public legal entities (with the exception of the Central Bank of the Republic of Azerbaijan), which must publish annual financial statements or consolidated financial statements in accordance with the law

KPMG observation

With the adoption of the law, tax control measures will be implemented more promptly and effectively on the activities of taxpayers with a large transaction volume and turnover.

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