New Tax Code for Georgia in January 2017
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A draft law on modifying Georgia’s income tax rules will come into force in January 2017 instead of July 2016, taking into account requests from local businesses to postpone the enactment of new Tax Code law.
Today Georgia’s Finance Minister Nodar Khaduri announced the new Tax Code law would enter into force in January 2017, allowing businesses time to "better prepare” themselves for the new law.
Now businesses will have time to minimise the potential risks they would face if the law came into force this July,” Khaduri said.
The Georgian Government planned to make the new law operational from July 2016 however local business representatives argued this was not enough time for them to prepare and adjust to all the changes.
Georgia’s Finance Ministry listened to their concerns and postponed the date when the new Tax Code law will be enforced.
Georgia’s new Tax Code will be implemented in three stages.
Firs stage – Changes will be applied to Value Added Tax (VAT). Imported goods will be exempt from VAT, which will simplify tax administration. The change will become operational once the new Tax Code law comes into force.
Second stage – Income tax will be replaced by profit-sharing tax, which will enter into force from January 2017.
Third stage – Changes will apply to the financial sector from January 2019.
The Government of Georgia started working to simplify the country’s Tax Code after Georgia signed its Association Agreement (AA) deal with the European Union (EU) in mid-2014.
Since then Georgia’s economic team has worked to improve the country’s 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’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.
Estonian experts are giving a helping hand to Georgian authorities to implement the Estonian Taxation Model in Georgia.
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.
“We will show the world Georgia is an attractive country”
George Welton, Executive Director of the American Chamber of Commerce (AmCham) in Georgia is praising the Georgian Government’s effort to simplify the country’s Tax Code, assuring it will fasten economic growth in Georgia.
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.
To promote ease of doing business in Georgia, the Government is further simplifying duty tax rules for imported goods.
Georgia’s economic team is working on modifying the country’s Tax and Criminal Codes, with the main goal to decriminalise economic crime and liberalise the tax code in order to further develop the Georgian economy.
Georgian Parliament has adopted the changes to the country’s Tax and Criminal Codes today.
Amendments to Georgia’s Tax and Criminal Codes have just come into play, with the main goal to decriminalise economic crime and liberalise the tax code in order to further develop the Georgian economy.
Tax on companies of Georgia’s financial sector will be set at 20 percent, with taxation of banks and other entities no longer set to be switched to the Estonian tax model, Georgian Prime Minister Irakli Garibashvili announced on Monday.
The Georgian Government’s economic team has prepared amendments to the Tax Code of the country with regards to fiscal and tax policy parts of the code that concern the financial sector, Finance Minister Lasha Khutsishvili said on Monday.