Law on regulation of tax debts of privatized state property endorsed

02.04.2019,15:35


April 2, Fineko/abc.az. President Ilham Aliyev has approved Law “On regulation of debts on property & land taxes of privatized state property (institutions) as of 1 March 2019".

Thus, the seller of state property together with the body determined by the relevant executive authority should specify the debts on property and land taxes of state property facility (to be privatized) on the date of entry into force of this Law. Within the process of the evaluation of state property facility under privatization the accounts receivable and accounts payable, as reflected in its balance sheet liabilities, are indicated separately in the stock issue prospectus.
Debts of privatized state property facility on property and land taxes, available on the date of entry into force of this Law will be written off in the period after the date of entry into force of the Law by the body (organization) determined by the relevant executive authority in the following order:

- if 30% of these debts are paid within one year from the date of privatization of state property facility (enterprise), the remaining outstanding debts are repaid;

- if 50% of these debts are paid within two years from the date of privatization of state property facility (enterprise), the remaining outstanding debts are repaid;

- if 70% of these debts are paid within three years from the date of privatization of state property facility (enterprise), the remaining outstanding debts are repaid;

The provisions of the Law also cover the unpaid parts in respect of which a court decision on the mandatory payment of debts was made, but which have not been paid as of the date of adoption of this Law.
The seller of state property facility (enterprise) is obliged to provide information on the date of completion of the privatization of state property facility (enterprise) within one month from the date of completion of the privatization of state property facility (enterprise) to the body determined by the relevant executive authority.

Keywords: Ilham Aliyev