Georgian Gov’t Looking to Simplify Tax Legislation
Monday, November 27(TBILISI) – The Georgian government is drawing up plans to overhaul the country’s tax code in the hope that the move will improve the investment climate, while attracting more investors and additional capital to the country.
The draft law envisages the promotion of capital market development - part of the fulfilment of obligations undertaken by Georgia within the EU Association Agreement - and identifying separate issues regarding taxpayers' annual dues.
A special system will be created where entrepreneurs will not have any additional bureaucracy-related challenges by allowing them to pay VAT returns within 5-7 business days via an electronic application.
Georgia’s business association is already aware of the planned amendments to the tax code. The country’s Finance Minister Mamuka Bakhtadze personally met the representatives of Georgia’s business association and introduced the amendments at the weekend.
The draft law will be sent to the Georgian Parliament for further debate “in the coming days”, said Bakhtadze.