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Tag Archives: tax

State Budget Collects 397406.2 thousand GEL from Profits Tax in January-June

In January-June 2018 the Georgian state budget collected 5 646 659.2 thousand GEL, including state budget revenues constituted 5 019 831.5 thousand GEL, incomes from reduction in non-financial assets totaled 63 530.1 thousand GEL, incomes from reduction in financial assets constituted 37 261.6 thousand GEL, while incomes from increased liabilities …

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Government to Write Off 550 million GEL Debts from Business Sector

Giorgi KakauridzeGiorgi Kakauridze

Prime Minister Mamuka Bakhtadze has proposed to write off tax debts from business sector accumulated before January 1, 2013. To enable business to continue valuable operation, debts will be written off from 36 000 taxpayers, Bakhtadze noted. The bill of amendments to Tax Code was discussed by the finance and …

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Unique Tax Regime Comes into Force in Georgia

On July 3 the preferential tax regime came into force with the aim to promote small entrepreneurship. The new tax regime will be applied to about 120 000 physical entrepreneurs. According to the new initiative, the small business status will be conferred to entrepreneurs, whose consolidated annual revenues are about …

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Vietnam Introduces with Georgia’s Tax Reforms

Vietnam Introduces with Georgia's Tax Reforms

Vietnam’s delegation is introducing with Georgia’s tax reforms. The delegation of the Ministry of Finance of the Socialist Republic of Vietnam, headed by Deputy Finance Minister, Do Hong An Tuan visits Georgia for that purpose. First Deputy Minister of Finance, Giorgi Tabuashvili, Head of the Revenue Service and Lasha Khutsishvili, …

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Georgian Perspectives of Estonian Model

Estonian Model

Mirian Ejibia ISET MA: eugeorgia.info Key component of Estonian Model calls for exempting undivided profit from tax burden. After introduction of Estonian Model in Georgia, a major part of business entities will be partly exempted from profits tax. These bodies will be taxed if profits will be issued in the form …

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Georgia Welcomes Estonian Taxation Model

The Georgian parliament adopted changes to the country’s tax laws to introduce a new system of levying income tax on business. It will only have to be paid if corporate profit is distributed. Estonia introduced a similar model in 2000. The Georgian parliament adopted changes to the country’s tax laws …

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Fate of Georgian Wines – Russia to Increase Wine Imports Tax

WINE, Russia TAX

Georgian wine exports to the Russian Federation may decline. Higher taxes will create problems to distributors  and producers. It is not known when exactly the new rate will come into force, but the working process was intensified in this direction. Russia plans to double excise tax on wines. Ministry of …

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KPMG in Georgia Adds a Second Partner As Business Doubles

Over the last three years the revenues of KPMG in Georgia have doubled, reflecting growth in all service lines (Audit, Tax & Legal and Advisory). Since 1 October 2016 Kakha Rukhadze is officially promoted to Partner in the KPMG CIS LLP partnership, increasing the number of Partners in KPMG Georgia to two. This promotion …

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Overview of Changes in Georgian Legislation: Grant Thorthon

The Georgian Parliament adopted important amendments to the Tax Code. Amendments foresee implementation of the so-called Estonian model of corporate income tax (CIT). Latest amendments to the Tax Code also relate to value added tax (VAT), Personal Income Tax (PIT) and excise tax, as well as certain procedural changes in …

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New System of Profits Tax to Come into Force in 2017

New System of Profits Tax to Come into Force in 2017

Deputy Finance Minister Lasha Khutsishvili has taken part in the round table of the UN top political forum: “Reform of Internal Resources Mobilization in Partner Countries and Role of Addis Abeba Tax Initiative”, where he updated the meeting participants about the Georgian experience in cooperation as part of the initiative. …

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