Georgia’s progress in Doing Business rating will be converted in investments, Minister of Finance Ivane Machavariani noted when appraising the WB annual report Doing Business, where Georgia gained three positions and advanced to the 6th place.
“This is a very important rating that will make positive influence on the image of our country and this will be converted in investments. The very international ratings have played crucial role in investments attracted to Georgia so far. Ultimately, our objective is to get in the top 5 of Doing Business rating”, Minister of Finance Ivane Machavariani said.
He also talked about the indicators, where Georgia has improved results.
“There are 10 criteria to appraise the competitive capacity and doing business level of a country. We have made progress in three positions and improved our rating. This is business registration. Earlier two procedures were required, but today one procedure is sufficient to register a company and get registered as a taxpayer. In this respect, we rank second worldwide. An alleviation of tax burden is the second component. This burden was smoothed by 40%. At the same time, we have simplified procedures and the time required for declaration and tax procedures. This was mainly preconditioned by profits tax reform and this was reflected in both components – reduced time for tax administration and tax burden alleviation. The next component was international trade. In this respect, on the one hand, the time for exports procedures has decreased and the main thing is that the exports expenses have essentially decreased – from about 400 USD to 110 USD”, Minister of Finance Ivane Machavariani noted.