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Finance Minister Meets with Members of Small and Medium Enterprisers Association

Finance Minister Updates GSMEA Members with Latest Amendments on Tax Code

Georgian Finance Minister Nodar Khaduri has met with members of the Georgian Small and Medium Enterprisers Association (GSMEA).

The Ministry of Finance of Georgia continues updating the business sector on the coming amendments to the Tax Code. The bill calls for reforming the profits tax and alleviating the tax administration.

Representatives of the Ministry of Finance introduced technical and administrative issues related to the profits tax reformation and the expected financial and economic results, as well as measures for alleviating the tax administration, including exempting fixed assets from VAT, writing off recognized debts and seizing bank accounts within the litigation period.

“We continue meetings with the business sector to introduce tax system reformation details to the business sector representatives. The reformation will cover the profits tax, tax administration. We hope these innovations will stimulate the economic development”, Finance Minister Nodar Khaduri said.

GSMEA President Mikheil Chelidze positively appraised the tax system reformation plans and the cooperation with the Finance Ministry. The profits tax reformation will stimulate economic growth and the business sector will be able to use profits for the business development, Mikheil Chelidze said.