Georgian Gov’t to decriminalise economic crime and liberalise Tax Code

The Government of Georgia is taking actions to decriminalise economic crime and liberalise the Tax Code in order to further develop Georgian economy.

Today Georgia’s Prime Minister Giorgi Kvirikashvili met about 20 leaders of business community for the first time as the Head of the Government. At the meeting Kvirikashvili outlined new initiatives for future development of which one of the most important was creation of additional job places.

One of the most important initiatives of Georgian Government is to create more job places and stimulate the economy development in the country. To achieve this goal first of all we need to implement tax reform,” Kvirikashvili said.

The changes included improving the investment and business environment, simplification of Tax Code and decriminalisation of certain economic crimes.

In particular, Georgian Government was going to implement the Estonian model of income tax reform. Following the Estonian model except the profit-sharing businesses all other businesses should be exempted from income tax.

Meanwhile, Kvirikashvili added tax administrative bodies and Financial Police will be "maximally regulated”.

The PM added Georgia’s economic team was also creating start-up business mechanisms to further develop Georgian economy.