Unofficial translation

Law of the Azerbaijan Republic

On October 8, 1996 No. 177-IG

On regulation of repayment of overdue tax debts in the Azerbaijan Republic

For the purpose of liquidation of the debts formed between the companies and the budget, the National assembly of the Azerbaijan Republic decides:

Article 1

Mutual compensation of the debts formed between the companies and the organizations irrespective of pattern of ownership and the budget for payment documents as of October 1, 1996 is carried out. At the same time the outstanding amounts of the tax penalty fee added on the debts included in compensation are liquidated.

Article 2

Repayment of not paid and unindemnifiable part of debts in the budget of the state companies and organizations, and also kolkhozes for January 1, 1996 is performed in the following procedure:

in case of repayment of debts in the budget until the end of 1996 the discount in the amount of 40 percent is applied, in case of its repayment in the first half of 1997 - in the amount of 30 percent, and in case of repayment in the second half of 1997 - in the amount of 20 percent. The added and outstanding amounts of penalty fee on these debts are liquidated;

in case of repayment of debts in the budget in the first half of 1998 the 10 percent discount is applied, and the added and outstanding amounts of penalty fee on these debts decrease by 75 percent;

in case of repayment in the second half of 1998 of the debts in the budget formed till January 01, 1996, the privilege is not applied. On these debts the amounts of penalty fee only decrease by 50 percent;

the budget debts formed in 1996 and which are not included in compensation are settled regularly.

Article 3

For tax payment, the reciprocal debts added in case of compensation between the companies for payment documents as of October 1, 1996, delay till January 1, 1999 is granted.

Article 4

This Law is effective till January 1, 1999.

Till January 1, 1999 on the debts specified in the first part of article 2 of the Law to the state companies and the organizations, kolkhozes, and also their heads the laws of the Azerbaijan Republic "About the income tax and separate income types of legal entities", "About the value added tax", "About excises", "About the land tax", "About the assessed tax", "About royalty", "About the State Tax Service", and also relevant provisions of the Criminal code of the Azerbaijan Republic and the Code of the Azerbaijan Republic about administrative offenses are not applied.

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info