Azerbaijan starts to write off debts from state compulsory state social insurance
- 05 April 2018
The process of writing off debts from state compulsory state social insurance has already been started, Minister of Labour and Social Protection of Population Selim Muslumov told journalists at the meeting with the representatives of the American Chamber of Commerce in Azerbaijan (AmCham).
According to him, AZN 155.3 million of debt incurred on mandatory state social insurance fee in private sector and the debt on remaining part of AZN 26.7 million of debt will be written off in accordance with certain part to be repaid.
The Minister noted that adoption of the law on ‘Regulation of debts in the field of mandatory state social insurance’ attaches special importance: ‘According to the law, debts which have incurred as of January 1, 2006 and have not been paid up to April 1, 2018, as well as financial sanctions as of January 1, 2015 in the field of mandatory state social insurance will be written off. Certain part of debts on financial sanctions for violation of mandatory state social insurance rules which have incurred from January 1, 2006 to April 1, 2018 will be repaid and remaining part will be written off‘.