NEWS

Georgian Gov’t proposes amendments to simplify tax legislation

The draft law will be sent to the Parliament of Georgia for further discussions. Photo by Georgia's Ministry of Finance.

Agenda.ge, 24 Nov 2017 - 16:55, Tbilisi,Georgia

Georgia’s economic team is working on modifying the country’s tax legislation, with the main goal of improving the investment climate, attracting more investors and additional capital to the country.

The draft law envisages the promotion of capital market development, the fulfillment of obligations undertaken by Georgia within the Association Agreement (AA) with the European Union and identifying separate issues of taxpayers' taxation.

A special system will be created where the entrepreneurs will not have any additional bureaucracy-related challenges. Thanks to the system, entrepreneurs will be able to pay VAT Return in 5-7 business days by filling out an electronic application.

Georgia’s business association is already aware of planned amendments to the tax legislation. The country’s Finance Minister Mamuka Bakhtadze personally met the representatives of Georgia’s business association and introduced them the upcoming amendments today.

The Minister also talked about the current macroeconomic situation of Georgia and the ways how the Ministry sees development of Georgia’s capital market.

The draft law will be sent to the Parliament of Georgia for further discussions "in coming days”, announced Georgia’s Finance Ministry.

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