LAW OF THE KYRGYZ REPUBLIC

of July 24, 2015 No. 195

About debt restructuring on the added percent, penalty fee, to tax sanctions on taxes and customs payments

Accepted by Jogorku Kenesh of the Kyrgyz Republic on June 17, 2015

The purpose of this Law is stabilization and support of financial and economic condition of taxpayers, stimulation of more complete repayment of tax debt and debt on customs payments to the budget by debt restructuring for the added percent, penalty fee and to tax sanctions on taxes and customs payments.

Article 1. General provisions

1. The tax debt and debt on customs payments of the legal entities and physical persons registered in tax authorities as taxpayers, according to the procedure and the conditions provided by this Law is subject to restructuring.

2. In this Law the following concepts are applied:

restructuring of tax debt and debt on customs payments - complete or partial debt write-off on the added percent, penalty fee, to tax sanctions on taxes and customs payments;

percent - the amounts added according to the Tax code of the Kyrgyz Republic and the Customs code of the Kyrgyz Republic for untimely payment at the scheduled time of taxes and customs payments;

penalty fee - the sum of money added for failure to pay taxes, customs payments which the taxpayer shall pay according to the Tax code of the Kyrgyz Republic and the Customs code of the Kyrgyz Republic;

tax sanctions - the sanctions imposed on the taxpayer according to the Tax code of the Kyrgyz Republic;

the current tax and customs payments - obligations on acknowledged taxes, customs payments, percent, the penalty fee and to tax sanctions which arose during the nine-months period from the effective date of this Law.

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