Georgian Gov’t amends tax law to improve investment climate
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Georgia is making changes to the country's tax law in a bid to improve the investment climate, attract more investors and additional capital to the country.
The tax law amendments will support trade process of the securities on international stock exchanges, according to Georgia’s Ministry of Finance.
The new tax law will encourage companies to be listed on world famous stock exchanges.
Companies, who are listed on different stock exchanges, trade their securities and attract capital have, certain expenses. The amendments to the tax law aimed to deduct the expenses from the companies’ taxable income,” said Georgia’s Deputy Finance Minister Lasha Khutsishvili.
Georgian Government believed the amendments to the tax law was another example of successful cooperation between the Government and business.
Meanwhile, Georgian Government continued the trend of trade liberalisation activities. The Government started actions to liberalise the Tax Code and create better conditions to the business society.
In particular, Georgian Government was going to implement the Estonian model of income tax reform. Following the Estonian Taxation Model except the profit-sharing businesses all other businesses should be exempted from income tax.
Estonian Taxation Model will be implemented in #Georgia w/ implies corporate income #tax liberalization&taxation of solely shared profits
— Giorgi Kvirikashvili (@KvirikashviliGi) January 20, 2016
Georgia's Prime Minister Giorgi Kvirikashvili posted on his official Twitter account about Georgia's goal to implement Estonian Taxation Model.
Another effort Government was taking in order to improve business environment in Georgia was to decriminalise economic crime.
Georgian officials are paying an official visit to Geneva to present a report on the Trade Policy Review of Georgia to the World Trade Ogranisation (WTO) experts.
Georgia takes actions to develop capital market, implement equity securities, corporate bonds, derivatives and other instruments.
The Government of Georgia is taking actions to decriminalise economic crime and liberalise the Tax Code in order to further develop Georgian economy.
The Georgian Government is planning to simplify the Tax Code and create better conditions to the business society.Today, Georgia’s Prime Minister Giorgi Kvirikashvili announced the Government had started active works to liberalise the taxes following the Estonian model.
The candidate Ministry of Finance Nodar Khaduri plans to introduce "several important reforms” next year, including simplifying the Tax Code and creating better conditions to the business society.
Georgia’s economic team is working on modifying the country’s profit tax rules, with the main goal to liberalise Georgia’s profit tax.
Using Estonia's taxation model in Georgia, improving the country’s tax administration and implementing a governmental initiative on suspended construction of residential buildings are some of the initiatives that were voiced at today’s Economic Council Meeting.
Estonian experts are giving a helping hand to Georgian authorities to implement the Estonian Taxation Model in Georgia.
Georgia’s economic team is working on modifying the country’s income tax rules, with the main goal to improve the investment climate, attract more investors and additional capital to the country.
Sarah Williamson, president of the American Chamber of Commerce (AmCham) in Georgia is praising the Georgian Government’s effort to simplify the country’s Tax Code and is encouraging the Prime Minister to put forward "much needed” reform proposals.
Georgia welcomes Estonian Taxation Model
Georgia will soon enjoy the benefits of a more simplified and liberal Tax Code. The new Tax Code will contribute to improving the investment climate, attracting more investors and additional capital to the country.
Georgia enjoys simplified and liberal Tax Code
A new Tax Code that aims to improve the investment climate, attract more investors and additional capital to Georgia has come into force.
Georgia is making it easier for foreign investors to access the local financial market by becoming the 55th domestic market link for an important player in the securities services industry.