LAW OF UKRAINE

of June 5, 1997 No. 314/97-BP

About write-off and restructuring of tax debt of taxpayers as of March 31, 1997

Article 1. Determination of terms

In this Law the stated below terms are used in the following value:

1. Taxpayers - the companies of the industry, communication, transport, agricultural and construction complexes to which according to the laws of Ukraine the obligation is assigned to pay taxes and fees (obligatory payments) to budgets and the state trust funds.

2. Tax debt - the amounts of taxes and fees (obligatory payments) of budgets and the state trust funds which are not paid as of March 31, 1997 which list is determined in item 4 of this Article, and also the amount of penalty fee, the penal and financial sanctions added according to the legislation of Ukraine on this debt.

3. Restructuring of tax debt - payment by installments of payment of tax debt of taxpayers equal shares for the term determined by this Law.

4. Treat taxes and fees (obligatory payments) to which write-off and restructuring of tax debt extend:

the value added tax, except the value added tax from imported goods (works, services);

income tax of the companies;

payment (tax) for the earth;

collection in the State innovative fund;

collection for special use of natural resources;

collection in Fund for implementation of actions for mitigation of consequences of the Chernobyl catastrophic crash and social protection of the population;

the amounts of penalty fee, penal and financial sanctions added according to the legislation of Ukraine on debt on payment of obligatory payments in the Pension fund of Ukraine and Social Insurance Fund of Ukraine.

Article 2. Write-off of tax debt

As hopeless to payment are subject to write-off from taxpayers:

the amounts of tax debt which arose till June 30, 1994 inclusive;

the amounts of tax debt on payment of penalty fee, penal and financial sanctions, including in the Pension fund of Ukraine and Social Insurance Fund of Ukraine, added according to the legislation of Ukraine from July 1, 1994 till March 31, 1997 inclusive.

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