Todey the National Assembly's Economic Policy, Industry and Entrepreneurship Committee held a meeting.

Axar.az informs, the chairman of the Committee Ziyad Samadzade said the document, prepared with the initiative of the President Ilham Aliyev, aims to stimulate development of business, create a favourable business environment and optimize tax burden.

According to the article #1 of the draft law, debts of taxpayers as of January 1, 2017 generated from the interests accounted due to not paying the taxes in the provided period will be written off by the relevant state executive bodies.

According to the draft law, debts of taxpayers as of January 1, 2017 incurred on financial sanctions imposed in accordance with the article $58.7 of the Tax Code will be written off by the relevant executive body.

If the taxpayers pay 30% of financial sanctions in January 2017, the relevant executive body writes off 70% of unpaid financial sanctions.

If the taxpayers pay 50% of financial sanctions in January-February 2017, the relevant executive body writes off 50% of unpaid financial sanctions.

If the taxpayers pay 70% of financial sanctions in January-March 2017, the relevant executive body writes off 30% of unpaid financial sanctions.

The provisions of this draft law concern the unpaid parts of tax of the taxpayers which there is a court decision on mandatory payment of the taxes provided in accordance with the articles #1, 2 of this draft law but remained unpaid since January 1, 2017.

If the parliament adopts the draft law, it will enter into force on January 1, 2017.