Unfinished buildings started before 2008 may be exempt from paying value added tax till 2026
Unfinished buildings on which construction began before 2008 have been exempted from paying value added tax since 2015. Photo: Nino Alavidze/Agenda.ge.
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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.
The goal of this is to help complete the construction of unfinished buildings.
Unfinished buildings on which construction began before 2008 have been exempted from paying value added tax since 2015.
Gakharia noted that this provision has encouraged many businesses to continue and complete construction work, and has thus led to the proposal to increase the term of its enforcement.
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.
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.
As a result of the implementation of VAT return reform launched in 2018, about 520 million GEL will be returned to Georgia’s private sector, said Georgian Prime Minister Mamuka Bakhtadze while answering the question of a citizen last night on a Facebook live address.
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.
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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.
The state has already subsidised about 90 million GEL worth of mortgages since the introduction of the programme back in late May, President of the Banking Association of Georgia Alexandre Dzneladze has announced.
Proposed amendments to the tax code are looking to resolve the issue of numerous incomplete construction sites by offering incentives to companies who will dismantle unfinished buildings across the country and build new ones on the same site.