Baku, Azerbaijan, March 16
Trend:
Azerbaijani President Ilham Aliyev has signed a decree on application of the "Law on regulation of debts in the field of compulsory state social insurance."
The law stipulates writing off the debts that were formed as of Jan. 1, 2006 and unpaid until April 1, 2018.
The document also envisages writing off financial sanctions formed as of Jan. 1, 2015 and not paid until April 1, 2018.
The financial sanctions are expected to be written off in the following order:
- in case the insured paid 10 percent of the debt on financial sanctions in April-May 2018, 90 percent of the amount is written off;
- in case the insured paid 30 percent of the debt on financial sanctions in April-July 2018, 70 percent of the amount is written off;
- in case the insured paid 50 percent of the debt on financial sanctions in April-September 2018, 50 percent of the amount is written off.
The law will take effect from April 1, 2018.