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Daily Archives: August 7, 2014

Local Processing Industry Exempt from VAT

The Ministry of Finance is working on new legislative initiatives aimed at further liberalization of a legal framework, penalties and sanctions necessary for the fair and efficient administration. The Ministry has prepared a package of amendments to the Tax Code, which provides an important mechanism for business support and stimulation. According to  Finance Minister …

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Cigarette Price Rises Again

The excise tax on tobacco will rise again in the near future, which will cause a rise in the cost of cigarettes. A gradual increase in the excise tax is envisaged in an association agreement with the European Union. When and how much the excise will increase and therefore the …

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Government Changes its Position – Red Grapes will be Subsidized

Ministry of Agriculture changes its position and is not going to cancel subsidies for red grapes. “Commersant” was told at the Ministry of Agriculture. The subsidy amount will be GEL 0.05 less per one kilo of grapes than last year and  white grapes will cost GEL 0.35. This year’s price of red grapes will be …

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Ambitious Plans of Belarusian Company in Georgia Failed

Belarusian computer hardware company “Tsifrovik” closes its affiliates in the Georgian  market, reducesemployees and suspends  plans about the entry  into regions. Alexander Karpitski, Director of “Tsifrovik-Georgia”  states in a conversation with commersant.ge and names the economic downturnand banks tightened credit policy as the main reason. In his words, two “Tsifrovik” shops of  7 have already closed in Tbilisi. Karpitski says that these objects have not brought proper profits and therefore, management …

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IMF: Regional Tensions Undermines the Prospects of the Economy of Georgia

The International Monetary Fund (IMF) says that the regional geopolitical tensions and the risk of transmitting shocks from neighboring countries weakens the prospects for the economy, especially in terms of trade and remittances, and may stallforeign direct investment. “Despite the encouraging results of the Fund-supported program in the 2012-2013 period, the …

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