President of Azerbaijan Ilham Aliyev has signed a decree on the application of the law on the regulation of debts from compulsory state social insurance, APA reported.
The law reads that insurer debts on compulsory state social insurance formed as of January 1, 2006 and not paid as of April 1, 2018 shall be written off.
Debts from financial sanctions imposed for non-compliance with state social insurance rules and formed as of January 1, 2015 and not paid as of April 1, 2018 shall be written off and this regulation will be implemented as follows:
- If the insurer pays 10% of financial sanctions in April-May 2018, 90% of the amount will be written off;
- If the insurer pays 30% of financial sanctions in April-July 2018, then 70% of the amount will be written off;
- If the insurer pays 50% of financial sanctions in April-September 2018, then 50% of the amount will be written off.
The law enters into force on April 1 of this year.
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