The Minister of Finance presented new tax initiatives to the Business Association of Georgia
5 Apr '18
On April 5, Business Association of Georgia organized a meeting with Minister of Finance of Georgia Mamuka Bakhtadze.
The Minister introduced three new tax initiatives to the members of the Association and listened to Business estimates concerning the new incentives.
The first initiative liberates entrepreneurs from excessive bureaucratic procedures and 5 tax documents will be replaced by a single tax document. In this way entrepreneurs will be free from huge bureaucratic burden.
In the second initiative, the government is to simplify the procedures of purchasing products from local entrepreneurs. If purchasing products from non-entrepreneurs, customers will benefit from reduced taxes. And when buying products from persons with micro business status, the company will not pay profit tax.
The third initiative is the largest and most complex and deals with electronic registration of the companies and introduction of the electronic residency. According to this initiative, non-resident individuals will be able to register their companies in Georgia online and will have access to bank accounts at the same time. This initiative aims to turn Georgia into a financial center.
Business welcomes these initiatives. Particularly the initiative relating to simplification of tax administration, which reduces tax administration costs.
As Vice President of the Association Samson Pkhakadze noted, such important reforms will be positively reflected on business and economy of the country as a whole.