2018-02-21
"These are large-scale amendments and significant tax liberalization. They are important in that the first stage, in which we abolished profit taxes, applied mainly to medium and large businesses, while these amendments in particular apply to small entrepreneurs, and are tied directly to their social conditions," Georgian Prime Minister Giorgi Kvirikashvili assessed the package of amendments to the Tax Code proposed at today's Government meeting.
According to the Head of Government, it is important to encourage doing business, and the benefits related to the adoption of concessional tax treatment must be felt by citizens and their families.
According to Giorgi Kvirikashvili, the new initiative and the large-scale reform of the Ministry of Finance will apply to more than 120,000 entrepreneurs, and small business status will be granted to entrepreneurs under 500,000 GEL in revenues, instead of 100,000 GEL stipulated previously. Similarly, direct taxes for small entrepreneurs will drop from 5 to 1%.
"These amendments simplify entrepreneurs' relations with tax institutions, the Revenue Service. Entrepreneurs should spend as little time as possible on dealing with the Revenue Service, and these amendments serve this very purpose," the Prime Minister emphasized.
According to Kvirikashvili, it is important to inform every citizen about the amendments to be made to the Tax Code.
"I am happy to see the positive feedback on these amendments at the initial stage, and I would like to urge you to communicate, to the best of our ability, to every citizen throughout the country the benefits we are offering our population. The Finance Ministry has already planned meetings with small entrepreneurs throughout the country, so that everyone may learn about the great relief offered by these amendments," the Prime Minister said.
Prime Minister's Press Office