Georgia to implement VAT Reform in 2018
Friday, December 22(TBILISI) -- Georgia’s economic team is working on a new set of reforms that will further improve the country’s tax legislation and result in additional surplus capital.
Entrepreneurs will now be able to pay VAT returns within 5-7 business days of filling an electronic application.
“The changes will make an additional 600 million GEL ($236.68 million) available in the private sector...a major stimulus for business development,” said Georgia’s Finance Minister Mamuka Bakhtadze, adding that the elimination of unnecessary bureaucratic hurdles is “an especially important step for the development of small and medium-sized businesses”.
The Georgian Parliament approved a new simplified Tax Code in 2016. Modeled on the Estonian taxation method, VAT returns are now covered if there is a surplus of VAT inputs over outputs. (agenda.ge)