Georgian taxpayers enjoy tax amnesty: 1.86m GEL tax debt annulled

Thousands of Georgian taxpayers have had their tax obligations annulled in a shock move by the Georgian Government.

As of today 1,229 taxpayers were exempted from repaying their tax debts, worth 186,021,008 GEL (about $81,415,868/€71,890,396*).

The moves aimed to give Georgian taxpayers the ability to continue their business activities without facing crippling debt caused by huge tax obligations.

Georgia’s Revenue Service explained several types of unpaid taxes have been scrapped, including unpaid tax debts that originated before 2011.

Meanwhile tax debts that originated before 2013 would be written off if the taxpayer did not have any activities since 2013.

The Revenue Service expected about two billion GEL worth of tax obligations would be annulled in total.

*Currencies are equivalent with the latest National Bank of Georgia exchange rate.