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PM: Small Business Revenues Doubled in Q3 and Increase is Almost 100%

“Revenues generated by small businesses have doubled in Q3 and the increase is almost 100%” stated Mamuka Bakhtadze, Prime Minister of Georgia at the Press Briefing held prior to the Executive Government Meeting today.

As noted by the Head of Government of Georgia, an unprecedented tax regime has been enforced for small enterprises since July 1, 2018 and tax rate has been reduced to 1%, which is a significant step forward towards the inclusive economic growth of Georgia.

“Revenues generated by small businesses have been doubled in Q3 and the increase is almost 100%. You may well be aware that I initiated this novelty while serving as a Minister of Finance of Georgia. This outcome is indeed unique and I wish to state objectively that it is higher than I had assumed and projected. It is a very significant step towards reaching an inclusive economic growth in the country” added the Prime Minister of Georgia.

Head of Government of Georgia believes that economic success of any country and Georgia in particular is driven by the development of small and medium enterprises (SME).

“Hence, these numbers once again evidence that we need more inclusive economic growth in the country. Therefore, we need to continue the implementation of all the programs and create new mechanisms to further increase the share of SMEs in the Gross Domestic Product (GDP) of the country. In addition, number of active entrepreneurs exceeds 70 000 and registration process is actively pursued” concluded the Prime Minister of Georgia.