Finance Minister introduces tax initiatives to help taxpayers overcome challenges posed by pandemic
Taxpayers must apply to the Revenue Service of Georgia before August 1 of this year with a request to conclude a tax agreement and pay the principal amount of the tax by December 31, 2021. Photo: Ministry of Finance.
Tweet 
Share
In order to overcome challenges caused by the coronavirus pandemic, Georgian Finance Minister Lasha Khutsishvili has introduced new tax initiatives today.
The taxpayer, who has a current recognised / unrecognised tax debt, will be able to fully reduce the accrued fines / penalties by paying the principal amount of the tax", said Khutsishvili.
He said that taxpayers must apply to the Revenue Service of Georgia before August 1 of this year with a request to conclude a tax agreement and pay the principal amount of the tax by December 31, 2021.
This initiative concerns the tax arrears of all taxpayers (including debts in tax disputes), except in cases where there is an ongoing criminal case against this taxpayer for an economic crime under the Criminal Code", Khutsishvili said.
Khutsishvili said that this is a one-time initiative and is related to overcoming the difficulties caused by the pandemic for taxpayers.
Taxpayers will be able to apply to the Revenue Service of Georgia starting May 18.
The government of Georgia will help companies that bought or leased state property through auctions and later suffered during the pandemic, announces Georgian Economy Minister Natia Turnava.
More than 30 small and medium-sized enterprises (SMEs) in Georgia will benefit from a new three-year programme launched by the United States Agency for International Development (USAID) and Gazelle Finance, a financial company that invests in SMEs in the Eurasia Region, with current focus on Georgia and Armenia.
Georgian Economy Minister Natia Turnava held a presentation today on how the government is planning to help local businesses and especially small and medium-sized businesses reopen and overcome economic difficulties caused by the coronavirus pandemic.
The European Bank for Reconstruction and Development (EBRD) is pledging financing to help firms in Georgia deal with the impact of the coronavirus outbreak, announces the EBRD.
About 6,000 micro, small and medium sized enterprises in Georgia impacted by the Covid-19 pandemic are to benefit from €85 million in financing support, thanks to an agreement signed between the World Bank and the Ministry of Economy of Georgia was signed on May 17.