New tax break to apply to small businesses in Georgia
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The Government of Georgia is launching a second wave of small business assistance efforts building on the successful programs such as ‘Produce in Georgia’, agriculture programs like ‘Plant the Future’ and others.
Georgia’s Finance Minister Mamuka Bakhtadze initiated a new legislative package at today’s government meeting that concerns tax breaks for small businesses.
Upon the implementation of the new tax initiative, the turnover tax for small entrepreneurs will be reduced five times.
In addition, while in the past small businesses were defined as businesses with a turnover of up to 100,000 GEL, from now on those with 500,000 GEL will also qualify as small businesses.
"We believe it to be a significant relief for those engaged in small business, a serious tax relief, and an incentive, of course, for those planning to start their own small businesses. I am convinced that our entrepreneurs will embrace this initiative to establish new businesses - a breath of fresh air for small business owners and their enterprises,” said Georgia’s Prime Minister Giorgi Kvirikashvili who learned about the new tax imitative from the Finance Minister at today’s government meeting.
Georgia praised for ease of compliance with tax law
Georgia ranks 22nd out of 190 countries according to the World Bank and PwC Paying Taxes 2018 report, which compares countries by the ease of complying with tax law.
Georgia’s economic team is working on a new reform that will further improve the country’s tax legislation and will result in additional surplus capital for the country.
Car owners in Georgia will soon start paying a new fee, local media says. Families with an annual income of more than 40,000 GEL will have to pay the property tax on cars.
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 Georgian Ministry of Finance is introducing new tax breaks to Georgia’s business society and especially to those who are based in the regions of the country.
The Government of Georgia is introducing three new tax initiatives that aim to support businesses in Georgia, improve the business environment and increase the share of small and medium sized business in the country’s economy. Recently, Georgia’s Finance Ministry also introduced new tax breaks which will apply to small businesses in Georgia.
Georgia is starting a reform for the provision of start-up capital to support entrepreneurs turn their new business ideas into reality.
Georgia’s Ministry of Economy, the Ministry of Finance, Parliament, the National Bank, the Partnership Fund, the local banking sector and a Turkish delegation are teaming up to develop new initiatives for promoting small and medium-size business and make access to finances easier for them.
"A tax regime for small businesses, which is unique throughout the world, is already in force”, says Prime Minister of Georgia Mamuka Bakhtadze. Per the new tax initiative that came into play on July 1, the turnover tax for small entrepreneurs will be reduced five times. This far-reaching reform applies to almost 100 percent of individual entrepreneurs.
The Government of Georgia is introducing a new initiative that aims to turn Georgia into a regional financial centre and attract more investors to the country. The initiative will introduce the concept of electronic residency, which will allow citizens of 34 countries to electronically register their companies and open bank accounts in Georgia.
Small business revenues have doubled in the third quarter of 2018, increasing by almost 100%, says Georgian Prime Minister Mamuka Bakhtadze.
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11 businesses rally against new rules
All companies operating in Georgia will now have to abide by the same deadline for paying import taxes – five days instead of the former 30 for certain companies.
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Business society asks for additional consultation
Amendments to the order of Georgian Finance Minister issued on May 31, 2019 in the instruction on the movement and registration of the goods brought into the customs territory of Georgia, caused dissatisfaction among the Georgian business society.
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The business society of Georgia has called on Prime Minister Mamuka Bakhtadze to explain the cancellation of customs procedures for companies included on the so called ‘golden list’.
Georgian Ministry of Finance is working on amendments to the tax code to bring it closer to the value added tax (VAT) directive of the European Union (EU), announces the Ministry of Finance.