Home / Economy / Minister of Finance: Business Sector will Regain Excess VAT Automatically starting February 15

Minister of Finance: Business Sector will Regain Excess VAT Automatically starting February 15

Starting February 15 the business sector will regain excess VAT automatically, Minister of Finance Ivane Machavariani noted at the economic conference – Georgia and the World 2019.

Taxation offices used to follow conservative policy regarding excess VAT refunding process and the business sector was feeling the claiming of excess VAT would end in audit, Ivane Machavariani explained.

“in 2018 we have broken this stereotype and in confirmation, we have refunded a record figure – 521 million GEL. Starting February 15, 2019, the VAT refunding process will be carried out automatically and this signifies the claimed sum will be returned without additional audit. The automatic system of the Revenue Service will process all declarations and filter those companies which will return the excess VAT automatically.

The above-mentioned factor rules out human factor’s involvement or any human impact”, the Georgian Finance Minister noted.