Pursuant to the amendment to “Movable Property Encumbrance Law” of the Republic of Azerbaijan, the scope of state and municipal encumbrance has been expanded.
Thus, prior to the amendments, the Ministry of Labor and Social Protection, represented by the State Social Protection Fund, applied to a bank or other credit institution for the issuance of an enforcement order for the settlement of debts to the Ministry’s account only in respect of mandatory state social insurance contributions and imposed financial penalties. With the latest Amendments to the Law, the Ministry is also entitled to apply for an enforcement order to discharge the debt into the Ministry’s account in respect of interest for late payment of contributions for compulsory state social insurance.
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