The Session of the Committee for Tax and Customs held at the BAG

18 Feb '10

The Committee for Tax and Customs of the Association held its first working session.

Number of issues having practical importance for the Association's member companies were discussed at the session, inter alia acknowledgement of natural losses, avoidance of double taxation, status of damaged excise stamps, taxation of endowments and VAT crediting.

According to the Chairman of the Committee, Zurab Lalazashvili, after consultations with the MoF it was decided that standardization of losses will be made by the line ministries and thus they will be acknowledged as expenditures. As regards the issues discussed, the Committee members agreed to develop proposals and submit them to the MoF in the form of a draft legislative amendments.