Georgian Gov’t annuls 1 billion GEL tax debt

A tax debt of 1 billion GEL will be slashed from more than 20,000 taxpayers, Georgian authorities announced today.

The country’s Finance Ministry said the goal of this action was to support Georgia’s business sector give them the ability to continue their business activities without crippling debt.

"According to the package which is initiated by the Georgia’s Ministry of Finance more than 20,000 tax payers will be free from paying their tax debts which in total amounts to one billion GEL.”

"This initiative is aimed to promote business in Georgia. Due to the accumulated tax debt that taxpayers have, they could not continue their business activities. Now they will be able to continue their activities with "clean sheets,” said the Ministry.

Currently 3,612 taxpayers are exempt from their tax debts.

Meanwhile Georgia's Ministry of Finance expected more taxpayers would apply to have their tax debts annulled. There are already 20,000 taxpayers who will be exempt from paying their tax debts however as more people are selected for to have their tax debts annulled, the amount of tax debt will exceed 1 billion GEL.

Taxpayers should apply to the Ministry of Finance to have their tax debt annulled. The Ministry will review all applications and select appropriate beneficiaries.