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Giorgi Kvirikashvili

Georgia May Revise Its Income Tax — PM Kvirikashvili

Income tax of Georgia may be revised – the Prime Minister of Giorgi Kvirikashvili said.

According to him, this issue is still relevant and work in this regard is still underway.

“In the near future, the Government intends to consider a bill and then pass it in the Parliament. We are currently considering the Estonian model of liberalizing tax legislation. This entails abolition of the income tax and the introduction of tax on dividends.

The advantage of this option is that it encourages reinvestment of profits, since part of profits aimed at reinvestment will be fully exempt from taxes,” Prime Minister says.

In Kvirikashvili’s words, the bill is being actively discussed with the International Monetary Fund (IMF).

“Our goal is to mobilize investment resources and country’s internal capacity. We are actively working with the local representation of the International Monetary Fund, because preserving cooperation with the IMF is very important for us,” Prime Minister stressed.

Kvirikashvili says consultations with the parliamentary majority are still underway.

“I very much hope that this amendment will be supported not only by the parliamentary majority but the minority as well,” Giorgi Kvirikashvili adds.