Georgian Gov’t proposes amendments to simplify tax legislation
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Georgia’s economic team is working on modifying the country’s tax legislation, with the main goal of improving the investment climate, attracting more investors and additional capital to the country.
The draft law envisages the promotion of capital market development, the fulfillment of obligations undertaken by Georgia within the Association Agreement (AA) with the European Union and identifying separate issues of taxpayers' taxation.
A special system will be created where the entrepreneurs will not have any additional bureaucracy-related challenges. Thanks to the system, entrepreneurs will be able to pay VAT Return in 5-7 business days by filling out an electronic application.
Georgia’s business association is already aware of planned amendments to the tax legislation. The country’s Finance Minister Mamuka Bakhtadze personally met the representatives of Georgia’s business association and introduced them the upcoming amendments today.
The Minister also talked about the current macroeconomic situation of Georgia and the ways how the Ministry sees development of Georgia’s capital market.
The draft law will be sent to the Parliament of Georgia for further discussions "in coming days”, announced Georgia’s Finance Ministry.
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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.
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Georgia’s economic team is working on a new reform that will further improve the country’s tax legislation and will result in additional surplus capital for the country.
Georgia praised for ease of compliance with tax law
Georgia ranks 22nd out of 190 countries according to the World Bank and PwC Paying Taxes 2018 report, which compares countries by the ease of complying with tax law.
Georgia is further improving its tax legislation by introducing an automatic system of value-added tax (VAT) returns, which is expected to result in additional surplus capital for the country.
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