Parliament overrides President's veto on tax code amendments aimed at assets transfer from countries to Georgia with preferential taxation

The Georgian Parliament on Wednesday overrode President Salome Zourabichvili’s veto on the amendments to the domestic tax code that aimed at asset transfers from countries with preferential taxation to Georgia.

At the plenary session, the legislative body discussed the motivated remarks of the President and did not support it, adopting the original version of the law with 83 votes.

The amended code establishes tax reliefs for the transfer of ownership rights to Georgian enterprises for all assets of foreign enterprises registered in the country with preferential taxation until January 1, 2028.

The relevant operations will be exempted from profit, income and property taxes per the amendments. The import of assets or goods into Georgia will be exempted from import taxes within the scope of this operation, while Georgian enterprises will also be exempted from property tax until January 1, 2030.