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New Tax Code to Abolish Re-exports Commodity Operations

The new tax code will abolish the re-exports commodity operations and re-exports will be considered as a simple commodity operation, Deputy Finance Minister Lasha Khutsishvili said, when introducing the new tax code bill at Poti economic registration zone.

Obligation for submitting reexports declaration and payment of a due tariff will be cancelled. Completion of simple storage of goods and completion of free zone procedures will be also simplified.

“The new tax code enables to return or count the imports tax. Importers will be able to fully get back imports tax on vehicle and bike if they are exported within 90 days after imports. Consequently, imports tax paid in Georgia will not be reflected on transport means. As a result, importers will be able to easier sell their transport in foreign countries”, the Finance Ministry officials said.