LAW OF THE KYRGYZ REPUBLIC

of June 26, 2015 No. 138

About write-off of financial sanctions and the penalty fee added for untimely and (or) incomplete payment of insurance premiums

Accepted by Jogorku Kenesh of the Kyrgyz Republic on May 21, 2015

Article 1.

This Law is directed to stabilization and support of financial and economic condition of payers of insurance premiums on the national social insurance, stimulation of their interest in more complete debt repayment on insurance premiums of last years, timely payment of the current payments, and also for decrease in receivables of Social fund of the Kyrgyz Republic.

Article 2.

1. To the payers of insurance premiums on the national social insurance having debt on payment of insurance premiums to Social fund of the Kyrgyz Republic the financial sanctions and penalty fee added for untimely and (or) incomplete payment of insurance premiums on the debt formed from January 1, 2009 to December 31, 2014 in the following amounts and cases are written off:

1) 100 percent of the added financial sanctions and penalty fee - in case of complete repayment of the main debt on insurance premiums exclusively in terms of money till September 1, 2015;

2) 80 percent of the added financial sanctions and penalty fee - in case of complete repayment of the main debt on insurance premiums exclusively in terms of money till November 1, 2015;

3) 60 percent of the added financial sanctions and penalty fee - in case of complete repayment of the main debt on insurance premiums exclusively in terms of money till January 1, 2016;

4) 40 percent of the added financial sanctions and penalty fee - in case of complete repayment of the main debt on insurance premiums exclusively in terms of money till March 1, 2016;

5) 20 percent of the added financial sanctions and penalty fee - in case of complete repayment of the main debt on insurance premiums exclusively in terms of money till May 1, 2016;

6) from peasant farms and the physical persons owning land share or its part financial sanctions and penalty fee of 100 percent in case of complete repayment of the main debt on insurance premiums are written off exclusively in terms of money till September 1, 2015.

2. In case of entry into force of court resolution about debt collection according to financial sanctions and penalty fee for benefit of Social fund of the Kyrgyz Republic to the introduction of this Law in force financial sanctions and penalty fee are not subject to write-off.

In case of cancellation of the court resolution which is taken out for benefit of Social fund of the Kyrgyz Republic according to the procedure of review on newly discovered facts after the introduction of this Law in force, financial sanctions and penalty fee also the terms established by this Law are subject to write-off from coming into force of determination of court on review of court resolution on newly discovered facts according to the procedure.

3. The procedure for write-off of the financial sanctions and penalty fee added for untimely and (or) incomplete payment of insurance premiums is determined by the Government of the Kyrgyz Republic.

Article 3.

Write off hopeless (unreal to collection) receivables according to financial sanctions and penalty fee of payers of the insurance premiums which finished the procedure of process of bankruptcy without debt repayment before Social fund of the Kyrgyz Republic.

Article 4.

This Law becomes effective after 15 days from the date of official publication and is effective till May 1, 2016.

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