Home / Tag Archives: VAT

Tag Archives: VAT

What to Expect from VAT-Free Dairy Production

New Prime Minister Mamuka Bakhtade has proposed an initiative to exempt natural milk and dairy goods production from VAT payment. When delivering his speech at the parliament as PM candidate, Mamuka Bakhtadze noted that there are asymmetric regulations in agriculture sector that do not foster the sector development. «We propose …

Read More »

180 Entrepreneurs Get Surplus VAT back under Simpligied System

TAX VAT

A total of 180 entrepreneurs have got back surplus VAT under the simplified system, Minister of Finance Mamuka Bakhtadze noted in his live address on Facebook. This is fourfold more amount than in 20167, he said. “To implement the mentioned reform in 2017, we created important buffers. We want that …

Read More »

Government to Exempt Maintenance of Airplanes of VAT

Maintenance of airplanes will be exempted from VAT as part of the initiative Minister of Finance Mamuka Bakhtadze unveiled to reporters after government meeting on February 21. “We plan to exempt maintenance services for airplanes from VAT. We would like to remind you that this is a very important component …

Read More »

Ministry of Finance to Introduce Automatic System for VAT Repayment

Ministry of Finance to Introduce Automatic System for VAT Repayment

Minister of Finance Mamuka Bakhtadze plans to introduce an automatic system of VAT repayment. Businessmen should receive excessive VAT back in 5-7 days after submission of an electronic application, he noted. “This signifies that our businessmen will mobilize about 500mln GEL in addition”, Mamuka Bakhtadze said. Zurab Lalazashvili, BDO managing …

Read More »

Price of Georgian Poultry Meat Increased by 10 tetri

A 5-tetri tax on a chicken wing is 6-7% of the cost, which increases the price of one kilogram of chicken by 10 tetri. However,  the new rule will be negatively impacted on companies in financial terms.  Additional regulation launched several days ago for chicken meat local producers. In particular, …

Read More »

Overview of Changes in Georgian Legislation: Grant Thorthon

The Georgian Parliament adopted important amendments to the Tax Code. Amendments foresee implementation of the so-called Estonian model of corporate income tax (CIT). Latest amendments to the Tax Code also relate to value added tax (VAT), Personal Income Tax (PIT) and excise tax, as well as certain procedural changes in …

Read More »

Rapid Estimates of Economic Growth in Georgia

Rapid Estimates of Economic Growth in Georgia

The estimated real Gross Domestic Product (GDP) growth rate amounted to 2.9 percent y-o-y in June 2016. The estimated real GDP growth in Q2 2016 equaled 3.1 percent y-o-y. The estimated real GDP growth for the first half of 2016 reached percent 2.9 y-o-y. Geostat produces monthly rapid estimations of …

Read More »

Finance Minister Updates GSMEA Members with Latest Amendments on Tax Code

Finance Minister Meets with Members of Small and Medium Enterprisers Association

Georgian Finance Minister Nodar Khaduri has met with members of the Georgian Small and Medium Enterprisers Association (GSMEA). The Ministry of Finance of Georgia continues updating the business sector on the coming amendments to the Tax Code. The bill calls for reforming the profits tax and alleviating the tax administration. …

Read More »

PMCG- State Budget Revenues Increased by 13.3%

budget cut

For the period of January-July 2015, the indicator of state budget revenues compliance is 58.0% and the indicator of state budget expenditure compliance is 56.3%. These indicators exceed the corresponding indicators of 2014 by 2.4 % points and 2.6 % points respectively. In this period, the largest source of state …

Read More »