LAW OF THE KYRGYZ REPUBLIC

of March 12, 2005 No. 50

About debt restructuring on the added percent, financial and to penalties

Accepted by General Court of Jogorku Kenesh of the Kyrgyz Republic on December 16, 2004

By meeting of national representatives of Jogorku Kenesh of the Kyrgyz Republic it is not considered

Approved according to item 4 of article 59 of the Constitution of the Kyrgyz Republic in edition of the laws of the Kyrgyz Republic "About modification and amendments in the Constitution of the Kyrgyz Republic" of February 16, 1996, No. 1, "About modification and amendments in the Constitution of the Kyrgyz Republic" of October 21, 1998 No. 134, "About introduction of amendments to article 5 of the Constitution of the Kyrgyz Republic" of December 24, 2001 No. 112

The purpose of this Law are stabilization and support of financial and economic condition of taxpayers, stimulation of more complete repayment of debts to the budget by debt write-off for the added percent, financial and to penalties on taxes.

Article 1. General provisions

1. The debt of legal entities and physical persons is subject to restructuring.

2. In this Law the following concepts are applied:

debt restructuring - prolongation of payment due dates or partial debt write-off;

percent - the amounts added according to article 63 of the Tax Code of the Kyrgyz Republic and Article 118 of the Customs code of the Kyrgyz Republic for untimely payment in the budget of taxes and fees;

financial and penalties - the amounts added for violation of the tax and customs legislation of the Kyrgyz Republic;

debt - the accrued taxes, obligations on the current payments, percent, financial and the penalties which are available as of January 1, 2005;

overpayment - the amount of the paid payments exceeding the restructured debt as of January 1, 2005.

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