LAW OF THE AZERBAIJAN REPUBLIC

of March 5, 2019 No. 1527-VQ

On regulation of debt on the property tax and the earth of the privatized state-owned property (companies) for March 1, 2019

Being guided by Item 15 of part 1 of article 94 of the Constitution of the Azerbaijan Republic, Millie decides Majlis of the Azerbaijan Republic for the purpose of improvement of the privatized state companies and regulation of their debt:

Article 1. Refining of debt on the property tax and the earth for state-owned property (company) on which the decision on privatization is made

1.1. The seller of state-owned property (company) together with body (structure), certain relevant organ of the executive authority, specifies debt on the property tax and the earth of state-owned property (company) on which the decision on privatization, on the date of entry into force of this Law is made.

1.2. In case of assessment of the privatized state-owned property its receivables and payables, reflected in its book commitments, are specified in respect of privatization (prospectus of the issue) separately.

Article 2. Regulation of debt on the property tax and the earth for state-owned property (company) on which the decision on privatization is made

2.1. Debt of state-owned property on the property tax and the earth of state-owned property (companies) which privatization comes to the end during the period after entry into force of this Law on the date of entry into force of this Law, it is written off by the body (structure) determined by relevant organ of the executive authority in the following procedure:

2.1.1. if 30 percent of this debt are repaid within one year from the date of privatization of state-owned property (companies), then the remained outstanding debt is written off;

2.1.2. if 50 percent of this debt are repaid within two years from the date of privatization of state-owned property (companies), then the remained outstanding debt is written off;

2.1.3. if 70 percent of this debt are repaid within three years from the date of privatization of state-owned property (companies), then the remained outstanding debt is written off.

Article 3. Final provision

3.1. Provisions of this Law extend as well to outstanding parts of the debt of state-owned property (companies) established by this Law on which the judgment on forced repayment, but which exist on the date of entry into force of this Law is made.

3.2. The seller of state-owned property (companies) provides information on date of completion of privatization of state-owned property (companies) within one month from the specified date in the body (structure) determined by relevant organ of the executive authority.

Article 4. The introduction of the Law in force

This Law becomes effective since March 1, 2019.

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