Georgian tax code to be in compliance with EU VAT directive
Before the bill is sent to the parliament of Georgia the Ministry of Finance is going to held meetings with local business society to discuss the planned amendments with them. Photo: Ministry of Finance.
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Georgian Ministry of Finance is working on amendments to the tax code to bring it closer to the value added tax (VAT) directive of the European Union (EU), announces the Ministry of Finance.
The goal is to introduce the best EU practices in Georgia and promote cooperation between entrepreneurs working in Georgia and the EU, says the ministry.
To achieve this, the following steps will be made:
- Internal procedures will be developed for applying judgments and interpretations of the European Court of Justice in practice;
- To support the process of establishing Georgia as a centre of international services by introducing EU practice and increasing the range of benefits associated with international shipping;
- Georgian and the EU VAT directives to be in compliance in order to improve the investment environment in Georgia along with the introduction of VAT return rules for the EU-based businesses;
- All existing norms are maintained to simplify the VAT administration process;
Before the bill is sent to the parliament of Georgia the Ministry of Finance is going to held meetings with local business society to discuss the planned amendments with them.
The first meeting was held yesterday which was attended by over 50 companies.
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The business society of Georgia has called on Prime Minister Mamuka Bakhtadze to explain the cancellation of customs procedures for companies included on the so called ‘golden list’.
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All companies operating in Georgia will now have to abide by the same deadline for paying import taxes – five days instead of the former 30 for certain companies.
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Business society asks for additional consultation
Amendments to the order of Georgian Finance Minister issued on May 31, 2019 in the instruction on the movement and registration of the goods brought into the customs territory of Georgia, caused dissatisfaction among the Georgian business society.
The Government of Georgia is launching a second wave of small business assistance efforts building on the successful programs such as ‘Produce in Georgia’, agriculture programs like ‘Plant the Future’ and others. Georgia’s Finance Minister Mamuka Bakhtadze initiated a new legislative package at today’s government meeting that concerns tax breaks for small businesses.
Buildings on which construction began before 2008 and which are still not completed may be made exempt from paying value added tax until 2026, announced Georgian Prime Minister Giorgi Gakharia at a government meeting earlier today.
Georgian Ministry of Finance is working on amendments to the tax code to bring it closer to EU legislation and fulfill obligations taken on under the Association Agreement signed between Georgia and the EU in 2014.