LAW OF THE KYRGYZ REPUBLIC

of May 15, 2008 No. 84

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

Accepted by Jogorku Kenesh of the Kyrgyz Republic on April 3, 2008

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

Article 1. General provisions

1. The debt of physical persons and legal entities 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 Articles 248, 260 Customs codes of the Kyrgyz Republic for untimely payment at the scheduled time of customs payments, taxes and fees;

penalty fee - sum of money which the taxpayer shall pay for failure to pay customs payments, determined according to Article 260 of the Customs code of the Kyrgyz Republic;

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

debt - the taxes, customs payments which are subject to payment in the budget, and percent added on them, penalty fee, financial and penalties;

the restructured debt - complete or partial debt write-off on percent, penalty fee, financial to both penalties and bad debt, the available as of January 1, 2008 and not extinguished according to the procedure, stipulated in Article 2 presents of the Law;

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