Georgia decriminalises certain economic crimes, liberalises tax code

Georgian Parliament has adopted the changes to the country’s Tax and Criminal Codes today.

The changes decriminalise certain economic crimes and liberalise the tax code in order to further develop the Georgian economy.

Georgia’s economic team sent the draft law to Georgia’s Parliament for approval last year.

• See also: New Tax Code for Georgia: What rules comes into play?

In particular, it has been about aligning the country’s tax system with the Corporate Income Tax (CIT) – the Estonian Taxation Model. Under the Estonian Taxation Model all businesses, except profit-sharing businesses, should be exempted from income tax.

The approved changes refer to the wide spectrum of tax payers and are believed to benefit overall economic situation in the country.