British company fined

As a result of the audit executed by the senior auditing section under the Ministry of Taxes, it has been ascertained that the Azerbaijan branch office of British “BAT/UK and Export Ltd.” hid a portion of its profits from tax.

A source from the Ministry told AssA-Irada Saturday that the company had miscounted taxable revenues. In 1998, it under-transferred AZM67,163,300 and in 1999 AZM137,313,100 to the state budget.

The company is now to pay a total of AZM204.4 million to the state budget. In addition, a financial sanction in the amount of AZM40.9 million will be applied.*