Georgian Gov’t amends tax law to improve investment climate

Georgia is making changes to the country's tax law in a bid to improve the investment climate, attract more investors and additional capital to the country.

The tax law amendments will support trade process of the securities on international stock exchanges, according to Georgia’s Ministry of Finance.

The new tax law will encourage companies to be listed on world famous stock exchanges.

Companies, who are listed on different stock exchanges, trade their securities and attract capital have, certain expenses. The amendments to the tax law aimed to deduct the expenses from the companies’ taxable income,” said Georgia’s Deputy Finance Minister Lasha Khutsishvili.

Georgian Government believed the amendments to the tax law was another example of successful cooperation between the Government and business.

Meanwhile, Georgian Government continued the trend of trade liberalisation activities. The Government started actions to liberalise the Tax Code and create better conditions to the business society.

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

Estonian Taxation Model will be implemented in #Georgia w/ implies corporate income #tax liberalization&taxation of solely shared profits

— Giorgi Kvirikashvili (@KvirikashviliGi) January 20, 2016

Georgia's Prime Minister Giorgi Kvirikashvili posted on his official Twitter account about Georgia's goal to implement Estonian Taxation Model. 

Another effort Government was taking in order to improve business environment in Georgia was to decriminalise economic crime.