Tax payer property The tax liability must be fulfilled within 30 days after listing. Otherwise, the tax authority may apply to the court for the sale of the listed property in the amount necessary and sufficient to ensure the payment of debts to the state budget for interest, taxes and financial sanctions. (through the body (institution) determined by the relevant executive authority, as well as in trade networks for movable property with a value not exceeding 5000 manats)
The useful life of the listed property legislationIf the period specified by The court considers the appeal of the tax authority in the manner specified in the AR Civil Procedure Code. After the court decision enters into force, the calculation of interest on the debt is stopped.
Sale of taxpayer's property
The listed property of the taxpayer may be sold by electronic auction based on the order of the tax authority. The rules related to the organization and conduct of the electronic auction are approved by the executive authority.
Valuation of Listed Property “About assessment activities” is conducted by the appraiser in accordance with AR law. An appraiser is invited within 10 (ten) days of the receipt of the execution documents. Cost of service paid by the taxpayer. An appraiser specialized in this field, who has been active for no less than 5 years, and who has not been convicted of serious crimes, corruption, or crimes against the interests of service, or crimes in the economic field, should be invited by the tax authority.
Documents required for the sale of real estate
Sale of property at auction is the sale of property based on a court decision without setting any conditions. During the process, the buyer who offered the highest price gets ownership of the property for sale. The institution or body determined by the executive authority acts as the organizer of the auction. That institution organizes the auction based on the order of the tax authority. The following documents must be attached to the order of the tax authority:
- a copy of the court decision in accordance with the AR Civil Procedure Code regarding the auction sale of the taxpayer's property;
- a copy of the execution document on the initiation of proceedings;
- a photo of the property and information about its location;
- information about the initial sale price of the property;
- the number of the bank account to which the proceeds from the sale will be transferred;
- the act of the tax authority on the listing of the property and the compiled list;
- a copy of the necessary documents related to real estate when it is sold;
- when a separate building is sold, the use of the land plot on which it is located or a copy of the documents confirming the ownership right over that land plot;
- when the long-term lease right is sold, a copy of the contract and a copy of the document confirming the state registration of the contract;
- copies of the document confirming the right to lease, ownership or use of the land plot, as well as the construction permit, in case of sale of rights over the unfinished object.
If the listed property expires earlier than 60 days from the date of entry into force of the court order or if it is a food product by the tax authority documents must be submitted to the organizer of the auction within 3 days.
Organizing the sale of real estate
With the exception of state property, listed movable properties of the taxpayer with a value of up to 5,000 manats can be sold in trade networks determined by the tax authority.
The organizer of the auction must have an official website. Here, the announcement regarding the holding of the auction, the information about the auctioned property should be posted on that website.
The organizer of the auction (the organizer of the electronic auction) submits to the executive power authority no later than the 20th of the following month after the end of each month, the monthly information about the funds obtained from the sale of the listed property.
Trade networks submit monthly information on the properties that have been put up for sale, the sale of which has been secured, or the properties that have been returned if it is not possible to sell them, and the funds obtained from the sale of the listed properties, to the executive authority no later than the 20th of the following month after the end of each month.
Use of the proceeds from the sale of the property
The amount obtained from the sale of the property is first used to pay the costs of directing the punitive measure and the sale of the property, and then to pay the debts to the state budget for interest, taxes and financial sanctions. The rest of the funds will be returned to the taxpayer within 3 banking days if the taxpayer does not incur any new debt.
If the money received from the sale of the property is not enough for the mentioned or if the property is not sold, other property of the taxpayer may be listed in the amount of the remaining amount of the debts to ensure the payment of the debts.
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