About 150,000 companies to receive VAT returns automatically

  • The VAT automatic return takes into consideration returning the surplus generated from VAT payment with a new and simplified system upon delivering the declaration. Photo: Nino Alavidze/Agenda.ge.

Agenda.ge, 19 Nov 2020 - 14:07, Tbilisi,Georgia

From now on, about 150,000 companies in Georgia will be able to use automatic systems to claim their surplus VAT refund generated on the basis of VAT declaration, announces Georgian Prime Minister Giorgi Gakharia.

Along with the fight against Covid-19, we have an extremely important task - to deal with the economic crisis. From the very beginning of the first wave, we started working on the serious reform of the automatic refund of VAT, which no government has been able to implement in any period. About a billion GEL will be returned to our business every year without any problems", said Gakharia.

Georgian Finance Minister Ivane Matchavariani said that when the reform of VAT returns first launched in 2018 refunds were only made manually, while later it was half automatic and half manually and now it is completely automatic.

Last year we returned 614 million GEL to the businesses. So far this year, despite the Covid-19 crisis and declining budget revenues, we have already returned 811 million GEL and by the end of the year this figure will reach 1 billion GEL", Matchavariani said.

The VAT automatic return takes into consideration returning the surplus generated from VAT payment with a new and simplified system upon delivering the declaration.

The requested amount will be returned by the entrepreneur at the Revenue Service Portal of the Ministry of Finance (on the payer's personal page) by clicking on the appropriate button.

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