LAW OF THE KYRGYZ REPUBLIC

of January 28, 2010 No. 16

About write-off of bad debt of consumers of electricity, electric distribution companies, prime vendors of the electric power on principal debts, the added percent, penalty fee, financial, penal and tax the sanction

Accepted by Jogorku Kenesh of the Kyrgyz Republic on December 26, 2009

The purpose of this Law are stabilization and support of financial and economic condition of prime vendors of the electric power and electric distribution companies by write-off of bad debt of consumers of electricity, electric distribution companies, prime vendors of the electric power on principal debts, the added percent, penalty fee, to financial, penal and tax sanctions.

Article 1. General provisions

1. Action of provisions of this Law extends to power industry subjects, the Ministry of Finance of the Kyrgyz Republic, the Ministry of state-owned property of the Kyrgyz Republic, the State Tax Administration under the Government of the Kyrgyz Republic, the State Customs Service under the Government of the Kyrgyz Republic, Fund of the state material reserves under the Government of the Kyrgyz Republic, and also consumers of electricity.

2. In this Law the following concepts are applied:

prime vendors of the electric power - Power plants open joint stock company and "National Power Grid of Kyrgyzstan" open joint stock company;

electric distribution companies (further - elektroraspredkompaniya) - Severelektro, Oshelektro, Vostokelektro and Zhalalabatelektro open joint stock companies;

consumers of electricity - the legal entities and physical persons consuming the electric power;

percent, penalty fee, financial, penal and tax sanctions - the amounts added by state bodies for untimely payment at the scheduled time of payments according to Tax and Customs codes of the Kyrgyz Republic with conditions of debt and other obligations;

debt on the added penalty fee - debt on the penalty fee for untimely payment added by elektroraspredkompaniye to consumers of electricity, and also the penalty fee added by prime vendors to elektroraspredkompaniye;

state bodies - the Ministry of Finance of the Kyrgyz Republic, the Ministry of state-owned property of the Kyrgyz Republic, the State Tax Administration under the Government of the Kyrgyz Republic, the State Customs Service under the Government of the Kyrgyz Republic, Fund of the state material reserves under the Government of the Kyrgyz Republic;

bad debt on principal debts - the amount of principal debts which is due to elektroraspredkompaniye from consumers of electricity, to prime vendors of the electric power from elektroraspredkompaniye, to state bodies from prime vendors of the electric power whose collection is impossible owing to the reasons of economic nature;

write-off - one-time (one-time) release from payment of bad debt, and also the added penalty fee, percent, financial, penal and tax sanctions.

Article 2. Procedure for write-off

1. Bad debt on principal debts, the percent, penalty fee, financial, penal and tax sanctions, and also debt on the added penalty fee which are available as of December 1, 2009, according to the procedure, established by the Government of the Kyrgyz Republic are subject to write-off.

2. Percent, penalty fee, financial, penal and tax sanctions, and also debt on the added penalty fee are subject to write-off:

1) prime vendors of the electric power before state bodies on the added percent, penalty fee, to the financial, penal and tax sanctions which are available as of December 1, 2009, in full;

2) elektroraspredkompaniye before prime vendors of the electric power on the added penalty fee which is available as of December 1, 2009, in full;

3) consumers of electricity before elektroraspredkompaniye on the added penalty fee which is available as of December 1, 2009, in full.

3. Procedure for write-off of bad debt on principal debts:

1) state bodies make write-off of bad debt on principal debts to prime vendors of the electric power as of December 1, 2009;

2) prime vendors of the electric power make write-off of bad debt on principal debts of elektroraspredkompaniye as of December 1, 2009;

3) elektroraspredkompaniya make write-off of bad debt on principal debts of consumers of electricity as of December 1, 2009.

4. Write-off of bad debt on principal debts, percent, penalty fee, to financial, penal and tax sanctions, and also debt on the added penalty fee is made based on the technique approved by the Government of the Kyrgyz Republic.

Article 3. Entry into force of this Law

1. This Law becomes effective from the date of official publication.

2. To the government of the Kyrgyz Republic:

- develop the regulatory legal acts necessary for implementation of this Law;

- bring the regulatory legal acts into accord with this Law.

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