Representatives of the Business Association of Georgia discussed the amendments to be made to the Tax Code at the meeting with the Minister of Finance

7 Oct '13

At the meeting organized by the Business Association of Georgia, members of the business association discussed the package of amendments to be made to the Tax Code with the Minister of Finance of Georgia and Head of the Revenue Services.
Amendments have been drafted by the Ministry of Finance, and it introduced several new clauses. In particular:
The fourth section of the Article 2 of the Tax Code, which stipulates that the Minister of Finance of Georgia is authorized to interpret certain clauses of the Code and agree them with the government of Georgia at his/her discretion, will be abolished.
The new version of the Code will establish mechanisms for signing the tax agreement. All tax agreements, except for the reduction of tax liabilities, will be abolished.
It will clarify that VAT will be applied to supplies of goods and services provided within the framework of economic activities on the territory of Georgia.  
Starting from 2014, it is planned to introduce the principle of the unified treasury code, which envisages transfer of tax payments to a single account without indicating the treasury code. 

At the meeting parties also discusses issues raises by members of the Business Association of Georgia and issues of interest for businesses, such as improvement of tax administration, raising effectiveness of the Council of Tax Appeals under the Ministry of Finance, tax arrangements, partial de-criminalization of tax offences and its separation, etc.

As stated by the first Vice President of the Business Association of Georgia Soso Pkhakadze, cooperation of businesses with the Ministry of Finance and the Revenue Services will intensively continue in the future to ensure that, with joint efforts, difficulties that hinder the development of businesses, are gradually overcome.