PM announces new, European standard customs code

Georgian Prime Minister Mamuka Bakhtadze stated today that the government will present a new, European style, customs code in the next week.

The new customs code will become an important stimulus for attracting European investments and will support the integration process of Georgian businesses on the European market,” Bakhtadze said.

A stable business environment will be established with simple and fair playing rules,” Bakhtadze added.

The PM said that the new code will ensure the electronic offer of all customs services for businesses.

After the activation of the new customs code Georgia will be the first country in the region with both European customs infrastructure and legislation, which will contribute for the development of international trade,” Bakhtadze said.

Bakhtadze said that the existing customs code failed to respond to current challenges.

That is why we will present the first draft of the new customs code next week,” Bakhtadze said.

Gov't VAT returns will amount to about half billion GEL this year. Photo: N.Alavidze/Agenda.ge.

Bakhtadze stated that the working process, with the involvement of European experts, has been completed on the draft.

The new customs code will be in full line with high, European standards, which will reduce expenses for the private sector,” Bakhtadze said.

The PM also appealed to businesses to benefit from the country’s new tax legislation which provided automatic system of value-added tax (VAT) returns.

We intend to return about half billion GEL to Georgian businesses this year.  We have already returned almost 280 million GEL.,” Bakhtadze said.

Starting from January a special system was activated wherein entrepreneurs are able to receive VAT returns in 5-7 business days by filling out an electronic application without any additional bureaucracy-related challenges.

The PM spoke about the “painful experience” the businesses had regarding the VAT returns under the United National Movement government and called upon them to use the “modern, business-friendly” project.