Georgia looks to increase state tax revenue plan by 120m GEL

Georgia’s Finance Minister Nodar Khaduri is requesting to increase the country’s tax revenue plan by 120 million GEL.

At today’s Governmental meeting Khaduri presented amendments to the 2015 state budget draft, which outlined increasing the tax revenue plan following recent economic growth and tax mobilisation trends.

We want reduce loans on the domestic market by 283 million GEL [and] we will no longer issue treasury obligations. Foreign loans will drop by 100 million GEL and 96 million GEL from the funds will be given to the Ministry of Health,” explained Khaduri.

The Finance Minister also offered information about the current state budget.

Khaduri said between January and October 2015 tax revenues to Georgia’s consolidated budget reached 6.52 billion GEL - 641 million GEL more than in the same period of 2014.

State budget revenues reached 7.96 billion GEL meaning there was 605 million GEL extra income in the first 10 months of 2015 than the same period of last year,” said Khaduri.

Between January and October 2015 Georgia’s state budget enjoyed 7.71billion GEL from tax payers.

During the first 10 months of 2015 capital project expenses amounted to 226 million GEL,” Khaduri said.