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The News in Brief

Wednesday, July 4
Famous Georgian Basketball Player Pachulia Receives State Title

Zaza Pachulia, famous Georgian basketball player, has received the title of the Knight of Sport.

The Prime Minister of Georgia Mamuka Bakhtadze awarded the former captain of the Georgian national basketball team and power forward for the Golden State Warriors, Zaza Pachulia.

PM thanked Pachulia for his contribution to the Georgian national team and promotion of Georgian basketball.

PM About Unique Tax Regime

The Georgian Prime Minister, Mamuka Bakhtadze made a statement at the briefing on Monday on a unique tax regime.

He said that the new tax initiative establishes a minimal tax burden for small businesses as well as allows utilization of simplified tax accounting for entrepreneurs to minimize tax administration-related costs.

He also said that the tax regime ensures greater transparency in the sector, which will in turn support small businesses with better access to financial resources.

A unique tax regime was enacted in Georgia to cut small businesses' turnover taxes five times. It is a very large-scale reform applying to almost 100% of individual entrepreneurs, which means about 120,000 entrepreneurs and many others. Our parliamentary team supported this initiative. The relevant amendments to the Tax Code were approved by the Parliament to come into play today. The status of small businesses is granted to entrepreneurs whose cumulative annual revenues are lower than 500,000 GEL, instead of the currently applicable 100,000 GEL threshold. Instead of 5%, small businesses' revenues, from now on, will be taxed 1%, and smaller businesses will be able to keep the simplest tax accounting in the future, PM said. Bakhtadze thanked all entrepreneurs actively involved in the development of this reform.
(By Mariam Chanishvili)