AmCham Georgia Executive Director praises new Tax Code
“We will show the world Georgia is an attractive country”

George Welton of AmCham believed amendments to the Tax Code would encourage investors to reinvest in Georgia. Photo by Georgia's Ministry of Finance., 22 Mar 2016 - 17:29, Tbilisi,Georgia

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.

Welton believed amendments to the Tax Code will encourage offshore investors to reinvest in Georgia, which would lead to the creation of more local jobs.

It is very important that tax administration will also be simplified. As a result we will show to the world that Georgia is an attractive country for investors. I believe this initiative will attract more Foreign Direct Investments in Georgia,” said Welton.

The AmCham official thanked Georgia’s Finance Minister for his "effective” and "fruitful” cooperation with the local business sector.

Georgia’s Finance Ministry showed us a good example of impressive cooperation with the private sector. I would also say thank you to the Ministry for taking into account our advice and postponing the terms of the enactment of new Tax Code law,” Welton said.

Today Georgia’s Finance Minister Nodar Khaduri announced the new Tax Code law would enter into force in January 2017 instead of July 2016, allowing businesses time to "better prepare” themselves for the new law.

Meanwhile Bruno Balvanera, European Bank of Reconstruction and Development (EBRD) Director for the Caucasus, Moldova and Belarus, said the tax reform would have a positive impact on the Georgian economy.

The Government had very tight cooperation with the private sector. The Government took our advice into account and decided to bring the new Tax Code law into force later,” said Balvanera.

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.