Law of the Azerbaijan Republic

On December 9, 1997 No. 406-IG

On regulation of debts on obligatory payments of the national social insurance

This Law regulates rules of repayment of the available debts of organizations, the companies and the organizations for compulsory national social insurance.

Article 1

To the organizations and the organizations financed from the budget the available for January 1, 1997 on obligatory payments of the national social insurance and financial sanctions (the added penalty fee) applied to these debts are liquidated in complete size of debt.

Article 2

To the companies and the organizations which are in state-owned property and which controlling stake belongs to the state:

In case of repayment till April 1, 1998 of the debts which are available for October 1, 1997 on obligatory payments of the national social insurance for 70 percent also the financial sanctions (the added penalty fee) applied to them are liquidated in complete size of 30 percent of the remained debts.

In case of repayment till April 1, 1998 of the debts which are available for October 1, 1997 on obligatory payments of the national social insurance for 90 percent also the financial sanctions (the added penalty fee) applied to them are liquidated in complete size of 10 percent of the remained debts.

Article 3

To kolkhozes, sovkhozes, intereconomic agricultural enterprises and peasant farms:

Financial sanctions (the added penalty fee) applied to debts on obligatory payments of the national social insurance for July 1, 1997 are liquidated in complete size;

In case of repayment till April 1, 1998 25 percent of the amount of the unsettled debts which are available for January 1, 1998 on obligatory payments of the national social insurance are liquidated 75 percent of debt which remained behind them;

In case of repayment till July 1, 1998 50 percent of the amount of the unsettled debts which are available for January 1, 1998 on obligatory payments of the national social insurance are liquidated 50 percent of debt which remained behind them.

Article 4

To the companies and the organizations privatized according to "The state program of privatization of state-owned property in the Azerbaijan Republic in 1995 - 1998" the repayment period of debts on obligatory payments of the national social insurance 1 year and 6 months is established from the moment of adoption of this Law.

Article 5

This Law becomes effective since December 1, 1997.

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