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Meeting with the representatives of Ministry of Finance

19 Feb '16

19th of February, in Courtyard Marriott, representatives of BAG member companies met First Deputy Minister of Finance of Georgia, Director General of Georgian Revenue Service (GRS), Giorgi Tabuashvili, Deputy Minister of Finance of Georgia, Lasha Khutsishvili, the head of Tax Policy Department of Ministry of Finance, Mamuka Baratashvili, the head of Macroeconomic Analysis and Forecasting Department of Ministry of Finance, Nickoloz Gagua and deputy Business Ombudsmen Zurab Dznelashvili in the framework of the Tax and Customs Committee. Zurab Lalazashvili, the Managing Partner of BDO and the head of the Committee for Tax and Customs, headed the meeting.
Meeting was aimed at the exchange of information on the amendments proposed to the Tax Code of Georgia, leading to substantial novelties in the liberalization of the taxation system. Core part of the reform agenda relates to the Corporate Income Tax (CIT), which is based on the so called Estonian model. Introduction of the Estonian model of CIT will positively affect the Georgian economy in many ways: it will accelerate the economic growth in the country, positive impact will be made on the current account deficit by reducing it and business will gain more opportunities for development. Favorable environment will be established for start-ups and doing business, thus increasing the interest of new, potential investors in Georgia..
Innovations planned in tax administration were also discussed at the meeting. Parties talked about the VAT waiver on imported fixed assets, write-off of recognized tax liabilities and tax enforcement measures (account garnishing and property liens) during tax disputes.
On the meeting representatives of BAG member companies had opportunity to ask questions about the planned amendments.