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Azerbaijan may write off debts on compulsory state social insurance

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The Azerbaijani population’s compulsory state social insurance debts, accumulated as of Jan. 1, 2006 and not paid before April 1, 2018, may be written off.

This is stipulated in the bill “On regulation of compulsory state social insurance debts”, discussed at a joint meeting of parliamentary committee on legal policy and state building and parliamentary committee on labor and social policy in Baku Feb. 20.

The bill also envisages writing off financial sanctions accumulated as of Jan. 1, 2015 and not paid before April 1, 2018.

Financial sanctions are expected to be written off in the following order:

– in case the insured person pays 10 percent of the debt on financial sanctions in April-May 2018, 90 percent of the amount is written off;

– in case 30 percent of the debt on financial sanctions is paid in April-July 2018, 70 percent of the amount is written off;

– in case 50 percent of the debt on financial sanctions is paid in April-September 2018, 50 percent of the amount is written off.

During the discussions, Azerbaijani Deputy Minister of Labor and Social Protection of the Population Idris Isayev said the writing off the debts will not affect the pension provision in the country.

After the discussions, the bill was recommended for consideration in a plenary session of the Azerbaijani parliament.

The law may come into force on April 1, 2018.

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