Georgia simplifies import duty tax
Thursday, September 8To promote ease of doing business in Georgia, the Government is further simplifying duty tax rules for imported goods.
Soon imported goods will be exempt from Value Added Tax (VAT), which will simplify tax administration.
Meanwhile today the Government of Georgia will agree specifically what kind of goods will be exempted from VAT.
“This is an important change in Georgia’s Tax Code and an important part of the Government’s four-point reform agenda, which aims to stimulate economic growth," said Georgia's Prime Minister Giorgi Kvirikashvili before today's Governmental meeting.
“This is a continuation of the reform, which will serve to improve the business environment and simplify doing business,” he said.
The Government of Georgia started working to simplify the country’s Tax Code after Georgia signed itsAssociation Agreement (AA) deal with the European Union (EU) in mid-2014.
Since then, Georgia’s economic team has worked to improve the country’s investment climate, attract more investors and additional capital to the country. In this process the Government invited the business associations and organisations to use their opinions in decision-making processes. Non-governmental institutions were also actively involved in modifying the country’s tax rules.
Georgia’s partner donor organisations, especially experts from the United States Agency for International Development (USAID), Governing for Growth (G4G) and officials from Estonia, were instrumental in improving Georgia’s Tax Code.
Through all these efforts a major part of amendments to the Tax Code came into force in June, while other small changes to the Tax Code Law about modified income tax rules, will come into play in January 2017. (Agenda.ge)