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Revenue Service Prepares Manual for New Regulations of Profits Tax

Ministry of Finance has developed a very good format that ensures dialogue over important issues for business. It is important that such communication is continued on such relevant issue as profits tax reformation.

InterPressNews was told at Ministry of Finance that similar estimation was made at working meeting organized by Ministry of Finance with financial support of USAID. At the working meeting, parties discussed project of  manuals prepared by Revenue Service of Ministry of Finance.

Objective of the mentioned document is to assist taxpayers in establishing innovative approaches of profits tax  so as they avoid difficulties in declaration process, the participants noted.

“Today, jointly with representatives of Georgian and foreign auditor companies, we have talked about a new model of profits tax and discussed instruction manuals, where practical samples are given on how to apply profits tax under a new model for this or that transaction and operation. We hope the mentioned manuals will help taxpayers better grasp legislative norms that came into force on January 1”, Deputy Finance Minister Lasha Khutsishvili said.

According to the Ministry press service, the final version of the document will comprise remarks and recommendations expressed by business sectors in order to implement profits tax reformation successfully.

The manuals will be published on websites of Ministry of Finance and Revenue Service upon approval and they will be attainable for taxpayers.