LAW OF THE REPUBLIC OF TAJIKISTAN

of August 7, 2020 No. 1720

About estimative activities

Accepted by the Resolution MH MOPT of June 17, 2020, No. 114

Approved by the Resolution MM MORT of August 5, 2020, No. 65

This Law determines legal, organizational and economic basis of estimative activities, and also the right and obligation of subjects of estimative activities, irrespective of their patterns of ownership.

Chapter 1. General provisions

Article 1. Basic concepts

In this Law the following basic concepts are used:

- estimative activities - the business activity directed according to the legislation of the Republic of Tajikistan on determination of market or other value of objects of assessment for certain date;

- assessment - the process of determination of actual project cost of assessment as of specific date performed by the appraiser according to requirements of this Law and other regulatory legal acts of the Republic of Tajikistan using reasonably the chosen approaches, methods and assessment procedures;

- the appraiser - the physical persons and legal entities having the right to implementation of estimative activities according to the legislation of the Republic of Tajikistan;

- assessment objects - objects of the civil laws concerning which estimative activities are performed;

- evaluation method - method of determination, assessment project cost according to the sequence of estimative procedures within national standards of assessment of the Republic of Tajikistan;

- repeated assessment - process of determination of actual project cost of assessment taking into account market value in cases of emergence of disagreement between subjects of estimative activities concerning assessment of objects of assessment;

- subjects of estimative activities - on the one hand the appraiser and on the other hand the customer acts;

- approaches to assessment - general methods of cost determination of object of assessment on the basis of basic valuation principles;

- market value of object of assessment - settlement sum of money for which exchange of object of assessment for date of assessment between the interested buyer and the interested seller as a result of the commercial transaction after carrying out proper marketing would take place;

- original cost of object of assessment - the amount spent for purchase, construction or production of object of assessment;

- other project cost of assessment - any other project cost of assessment, except market value which types are established by national standards of assessment of the Republic of Tajikistan;

- the customer - the physical person or legal entity acting on the basis agreements on evaluating object of assessment, and using services of the appraiser;

- Advisory board on development of estimative activities interdepartmental, coordinating, consultative and advisory body under authorized state body in the field of estimative activities which activities are directed to coordination of works on normative methodical ensuring estimative activities and preparation of offers in the field of estimative activities;

- consolidation of professional appraisers of the Republic of Tajikistan the consolidation of appraisers and the estimative organizations created according to the legislation of the Republic of Tajikistan for the purpose of representation of interests of the members in interaction with state bodies, the international and other organizations;

- the valuation report of object of assessment - the document on results of assessment of object of assessment submitted to the customer from the appraiser about assessment project cost according to requirements of this Law and national standards of assessment of the Republic of Tajikistan;

- national standards of assessment of the Republic of Tajikistan - complex of regulations, rules and requirements to assessment;

- the state authorized body in the field of estimative activities the central executive body of the government realizing state policy in the field of estimative activities;

- Advisory council on estimative activities - the collegiate organ created under the state authorized body in the field of estimative activities for conducting examination of compliance of valuation reports of objects of assessment to regulations, the established this Law, other regulatory legal acts of the Republic of Tajikistan in the field of estimative activities.

Article 2. Legislation of the Republic of Tajikistan on estimative activities

The legislation of the Republic of Tajikistan on estimative activities is based on the Constitution of the Republic of Tajikistan and consists of this Law, other regulatory legal acts of the Republic of Tajikistan, and also the international legal acts recognized by Tajikistan.

Article 3. Principles of estimative activities

The principles of estimative activities are:

- legality;

- objectivity;

- reliability;

- competence;

- privacy;

- independence;

- transparency;

- impartiality.

Chapter 2. State regulation of estimative activities

Article 4. Competence of the Government of the Republic of Tajikistan in the field of estimative activities

In the field of estimative activities is within the competence of the Government of the Republic of Tajikistan:

1) ensuring realization of state policy in the field of estimative activities;

2) determination of the state authorized body in the field of estimative activities;

3) approval of national standards of assessment of the Republic of Tajikistan;

4) approval of procedure for cost determination of the privatized state objects;

5) implementation of other powers, stipulated by the legislation Republic of Tajikistan.

Article 5. Powers of the state authorized body in the field of estimative activities

The state authorized body in the field of estimative activities performs the following powers:

1) realization of state policy in the field of estimative activities;

2) coordination of activities for development of estimative system in the Republic of Tajikistan;

3) ensuring interaction of state bodies with appraisers and associations of professional appraisers of the Republic of Tajikistan;

4) protection of the rights of appraisers and users of estimative services;

5) the organization of assessment of state-owned property in the Republic of Tajikistan;

6) licensing for implementation of estimative activities;

7) creation of the Advisory board on development of estimative activities;

8) creation of Advisory council on estimative activities;

9) implementation of others power, stipulated by the legislation Republic of Tajikistan.

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