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Tag Archives: finance

Business Sector Regains 333 million GEL Surplus Tax

As of October 2018, the business sector got back 333 million GEL surplus taxes. According to Ministry of Finance, as a result of revised procedures, the business gets back surplus tax without obstacles. As to introduction of automatized return system, according to the official answer to the Business Morning program, …

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Ivane Matchavariani Named as Minister of Finance

Prime Minister of Georgia named Ivane Matchavariani as the candidate of Minister of Finance of Georgia. In the recent years, Ivane Matchavariani held position of the Chief Commercial officer at Geocell. Before he held various senior positions in Geocell. In 2004, he served as Financial Planning and International Reporting Manager …

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Mamuka Bakhtadze: Unfair Rules that Grow Poverty will Be Removed

Mamuka Bakhtadze

Over-indebtedness is one of the key factors of poverty growth, Minister of Finance Mamuka Bakhtadze told the news conference, where he overviewed details of the coming reform in the banking and finance sector. Excessive debts lower incomes of our citizens, he said. “Today we see that citizens who suffer from …

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Mamuka Bakhtadze: Banking and Finance Sectors Establish New Fair Rules of Game

Mamuka Bakhtadze: The Main Focus Will be less Bureaucracy

The banking and finance sectors started establishing fair rules of the game, Finance Minister Mamuka Bakhtadze said after today’s government meeting. At the special briefing Mamuka Bakhtadze discussed a new bill submitted to the Government meeting. The legislative initiative promulgates several important principles, he said. “First, no lender will be …

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Minister of Finance Refuses to Retreat

Regulations will Refer to All Credit Organizations, after Banks. A month ago Minister of Finance Mamuka Bakhtadze appraised the Georgian banking sector as an obstacle frustrating economic development in Georgia.   Following this statement National Bank of Georgia (NBG) introduced new regulations on issuance of loans without examining clients’ solvency. Starting …

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Ministry of Finance Sells 20 million GEL T-bills

On October 18, Ministry of Finance sold 20 million GEL T-bills with 10-year maturity period.  According to National Bank of Georgia (NBG), three commercial banks took part in the T-bill auction. The demand constituted 36 120 000 GEL, while the bottom interest rate totaled 8.950%, the top rate hit 9.380%, …

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Highest-paying and Lowest-paying Sectors in Georgia

In the second quarter of 2017 the averaged salary in Georgia made up 1071 GEL. According to Geostat, national statistics service of Georgia, the highest salaries are recorded in the finance sector (2357 GEL), the development sector ranks second with 1938 GEL and the state sector is third with 1363 …

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Assets of Finance Corporations Grow

Assets of finance corporations have risen by annual 22% to 43.4 billion GEL. Ratio of commercial banks accounts for 70% (30.3 billion GEL). According to the new chart of National Bank of Georgia (NBG), annual growth in assets of corporations is around 21.22% (2016, 2015). NBG announced about additions to …

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Excise Tax Structure Changes on Alcoholic Beverages

Excise tax structure will be revised in compliance with requirements of Georgia-EU association agreement, Minister of Finance Dimitri Kumsishvili said. “We have comprehensively discussed this issue. Taxation of beer and alcoholic beverages is very important. In this way we will harmonize our legislation with EU standards and consequently, we will …

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Back to the Past- National Bank Regains Supervision over Finance Sector

At the end of February Government decided to return finance sector supervision functions to National Bank of Georgia (NBG). However, as a matter of fact, NBG had not lost supervisory functions in practice, despite in 2015 Parliament approved amendments to the Law on Commercial Banks, under which finance sector supervision …

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