Baku, Azerbaijan, March 6
By Elchin Mehdiyev, Azad Hasanli – Trend:
The Parliament of Azerbaijan has passed a bill writing off the debts of population on compulsory state social insurance at a plenary meeting on March 6.
This covers the debts that were formed as of Jan. 1, 2006 and unpaid until April 1, 2018.
The bill also writes 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-May 2018, 70 percent of the amount is written off;
- in case the insured paid 50 percent of the debt on financial sanctions in April-May 2018, 50 percent of the amount is written off.
According to the Azerbaijani Ministry of Labor and Social Protection of Population, the volume of debts on obligatory social insurance formed as of Jan. 1, 2006 and unpaid until Jan.1, 2018 amount to 100.2 million manats.
Furthermore, the volume of accrued financial sanctions, which were formed for the period until Jan. 1, 2015, is estimated at 55.1 million manats. The volume of debts on financial sanctions, formed for the period from Jan. 1, 2015 to Jan.1, 2018, is 26.7 million manats.
The law will enter into force on April 1, 2018.
(1.7001 manats = $1 on March 6)