Georgia decriminalises certain economic crimes, liberalises tax code
Tweet 
Share
Georgian Parliament has adopted the changes to the country’s Tax and Criminal Codes today.
The changes decriminalise certain economic crimes and liberalise the tax code in order to further develop the Georgian economy.
Georgia’s economic team sent the draft law to Georgia’s Parliament for approval last year.
In particular, it has been about aligning the country’s tax system with the Corporate Income Tax (CIT) – the Estonian Taxation Model. Under the Estonian Taxation Model all businesses, except profit-sharing businesses, should be exempted from income tax.
The approved changes refer to the wide spectrum of tax payers and are believed to benefit overall economic situation in the country.
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.
Today the new Tax Code Law has come into play in Georgia in order to improve investment climate and help the country attract additional capital.
The Government of Georgia is taking actions to decriminalise economic crime and liberalise the Tax Code in order to further develop Georgian economy.
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.