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Development Companies to Enjoy VAT Preferences for Completing Unfinished Projects

Tbilisi City Hall plans to grant preferences to development companies for completing unfinished projects. Tbilisi Vice Mayor Ilia Eloshvili told reporters that the companies will be exempted from VAT and space coefficients will be broadened.

“We have completed inventory of unfinished projects. There are more than 170 similar projects in Tbilisi. This is one of the major problems in our city. Therefore, our objective is to maximally support the owners to finish construction projects. We have several options to this end. The Central Authorities may set certain preferences in terms of VAT payment.

We will be able to discuss several preferences in terms of space expansion. Individual negotiations will be conducted in all similar cases. It is frequently said that construction projects should be continued with expanded space to make projects more comfortable”, Eloshvili said.

Unlike the analogical program of David Narmania, previous Mayor of Tbilisi, new administration of Tbilisi will request guarantees from development companies, Eloshvili said