“Let’s do it” - AmCham Georgia president on Tax Code reform

The American Chamber of Commerce president said Georgia's business society would benefit from a simplified Tax Code. Photo by the AmCham Georgia.
Agenda.ge, 12 Feb 2016 - 11:59, Tbilisi,Georgia

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.

Williamson posted on her Facebook page last evening she was "extremely excited” about the Georgian economic team’s proposed amendments to simplify the Tax Code, which was businesses needed "for many years”.

I'm extremely excited to hear the Prime Minister's proposals today [February 11] regarding Tax Administration and Legislative changes!” she wrote.

Yesterday Georgia’s Finance Minister Nodar Khaduri introduced efforts taken to amend Georgia’s Tax Code at the Governmental meeting. The aim of this was to improve the investment climate, attract more investors and additional capital to the country.

The AmCham president believed Georgia’s business society would benefit immensely from a more simplified Tax Code.

Along with the "Estonian Model" of giving a tax break/incentive for reinvested profits, he [Prime Minister Giorgi Kvirikashvili] has also announced four major implementation changes that businesses have been needing for many years.”

She said these changes were:

  • "No more freezing of assets without a court order;
  • Financial Police will no longer conduct audits, that's the Revenue Service's job;
  • VAT is no longer due to be paid on the border for corporations;
  • Tax code changes to make it easier to close a business due to insolvency.”

The AmCham Georgia president congratulated Georgia’s Prime Minister Giorgi Kvirikashvili for proposing to reform the Tax Code.

Congratulations to PM Kvirikashvili and his team for putting forward these ambitious, and much needed, reform proposals. Let's do it!”

Next week Georgia’s economic team are expected to send the draft law to Parliament for approval. If approved the draft law will come into force in July 2016.