AZE.US
People in Azerbaijan who share their bank card details on social media to collect financial assistance may be required to explain the source of the funds and, in some cases, pay tax on the money received.
Azerbaijani lawyer Akram Hasanov told Pravda.az that banks have the right to ask customers about the origin and purpose of incoming transfers under anti-money laundering regulations.
“The bank may ask where the money comes from. The customer should explain that the funds are being transferred for a specific purpose,” Hasanov said.
He added that financial assistance may be treated as a gift for tax purposes.
According to Hasanov, if a person receives more than 1,000 manats, or about $588, from a single individual during a year, and the sender is not a family member, the recipient must pay a 14% tax.
The comments suggest that people collecting donations through personal bank cards could face questions from both banks and tax authorities, particularly when transfers are large or frequent.
AZE.US