NEWS

Georgian Ministry of Finance: VAT returns totalled $840mln in November

The Ministry of Finance of Georgia on Wednesday announced ₾2.3 billion ($840 million) had been automatically refunded to VAT payers in November in excess value-added tax. Photo: Nino Alavidze/Agenda.ge

Agenda.ge, 11 Dec 2024 - 14:40, Tbilisi,Georgia

The Ministry of Finance of Georgia on Wednesday announced ₾2.3 billion ($840 million) had been automatically refunded to VAT payers in November in excess value-added tax.

The automatic system, operational since 2020 in Georgia, simplifies the tax refund process by automatically returning excess VAT directly to taxpayers' bank accounts based on their monthly declarations, the Ministry said.

Projections indicate the total amount of automatic VAT returns could reach ₾15 billion ($5.48bln) between 2024 and 2028.

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