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.

Article 3. Restructuring of tax debt

1. The taxpayers having the tax debt which arose during the period from July 1, 1994 to March 31, 1997 inclusive have the right to restructuring of such tax debt on the conditions provided by this Law.

2. The amounts of tax debt which arose during the period from July 1, 1994 to March 31, 1997 inclusive without the amounts of penalty fee, penal and financial sanctions added according to the legislation of Ukraine, are subject to restructuring by payment by installments of their payment for a period of 120 months, with payment by equal shares to the 15th day of every month.

3. Payment of restruktuirovanny tax debt begins since January 1, 1998.

4. The Restruktuirovanny tax debt is not subject to indexation, on it percent on the tax credit, and also penalty fee cannot be charged, to be applied penal and financial sanctions, stipulated by the legislation Ukraine.

5. The terms of limitation period determined by the civil legislation of Ukraine do not extend to the requirements following from payment of restruktuirovanny tax debt.

6. In the presence of reciprocal debt of the taxpayer and the relevant budgets offset of such debt according to the procedure, established by the Cabinet of Ministers of Ukraine is made.

Offset of this debt is made in two-month time from the date of entry into force of this Law.

The tax debt of taxpayers which remained after carrying out such offset is subject to restructuring on the conditions determined by this Article.

Article 4. Procedure for decision making about restructuring of tax debt

1. Taxpayers in three-months time from the date of entry into force of this Law make decisions on restructuring of the tax debt specified in article 3 of this Law and in week time from the date of adoption of this decision in writing notify on it in tax authority where are registered.

2. The tax authority where the taxpayer is registered shall register in two weeks from the date of receipt of the notification of the taxpayer on decision making about restructuring of tax debt and open card of restruktuirovanny tax debt.

Such message of the taxpayer shall contain:

complete name of the taxpayer, its legal address and tax number (statistical code);

bank account (accounts) of the taxpayer;

balances of financial and economic activities of the taxpayer for the periods by results of which restructuring of tax debt is performed;

the calculation of tax debt which is subject to restructuring and the schedule of its repayment.

The specified notification shall be signed by the head and the chief accountant of the taxpayer or officials, them replacing and having right to sign of financial and economic documents.

If the specified notification contains mistakes in calculations or slips, the relevant tax authority shall correct independently these errors and slips and in two weeks from the date of its obtaining to report about such corrections and about registration of the notification of the taxpayer.

In case of matters of argument on the right of the taxpayer to write-off and restructuring of tax debt, calculations of such debt or if the taxpayer does not agree with corrections by tax authority of mistakes and slips in the notification on decision making on restructuring of tax debt, such disputes are resolved according to the procedure, provided by the Law of Ukraine "About the State Tax Service in Ukraine".

Article 5. Responsibility for failure to pay restruktuirovanny debt

1. The amounts of tax debt, restruktuirovanny according to the procedure, determined by this Law, in cases of failure to pay by the taxpayer in the stipulated in Clause 3 presents of the Law terms are collected by tax authorities in indisputable procedure.

2. Failure to pay restruktuirovanny tax debt within three months by the taxpayer is the basis for contract cancelation (employment contract) with the head of such taxpayer with his fault.

3. In case of failure to pay restruktuirovanny tax debt by the taxpayer within three months the tax authority shall address the owner (or to the body authorized by it) this taxpayer with the requirement about / or:

provision of the corresponding monetary compensation to the budget or the state trust fund in which the amount of tax debt of such taxpayer is credited;

improvement of financial position of the taxpayer for the purpose of ensuring accomplishment of restruktuirovanny tax debt.

4. In case of failure to carry out by the owner (or the body authorized by it) the taxpayer of requirements, stipulated in Item 3 these Articles, the tax authority shall submit the application for initiation of proceedings for the bankruptcy of such taxpayer according to the procedure established by the legislation of Ukraine.

Article 6. Other provisions

1. The relevant tax authorities from the date of entry into force of this Law make in a month the decision on write-off from taxpayers of the amounts of tax debt specified in article 2 of this Law and notify on it the taxpayer and authorized banks.

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