Minister of Finance of Georgia Meets with the Association Members to Discuss Economic Reforms

2 Feb '10

Current and expected economic reforms and legislative amendments were discussed at the meeting held under the auspices of BAG on February 2, 2010 at Sheraton Metekhi Palace Hotel.

The meeting aimed at informing the businessmen about the expected organizational or legal changes in the areas of customs and tax. Members of BAG, Minister of Finance of Georgia, Kakha Baindurashvili and MoF representatives attended the event.

In their introduction speech the BAG President and Minister of Finance noted that extremely important bilateral steps have been made towards cooperation at this stage. The Committee for Tax and Customs was set up at the Association, chaired by Zurab Lalazashvili; Association's representative, David Koguashvili was appointed as a member of MoF Appeals Board; the format of cooperation and key priorities were identified; more than one agreement, reached at the meetings conducted under the Association's auspices, have been implemented in the form of relevant legislative changes.

In his report the Minister of Finance briefly overviewed the expected legislative amendments. Namely, he stated that merging of Tax and Customs Codes into one normative act is planned in the nearest future. Respective draft-law is already pending before the GoG and soon will be submitted to the Parliament of Georgia.

In addition, certain changes are expected in the working of Appeals Board. For higher transparency, decisions adopted after hearing of the appeals, will be published on the relevant website and made accessible for all interested persons.

Furthermore it is planned to restructure the Revenue Service into the Legal Entity of Public Law which will allow this institution to offer variety of services to businesses mostly free of charge.

Governmental commission staffed with the specialists from line ministries has been set up to solve the issue of acknowledgement of natural losses.

At the end of the meeting, the Association's President once again stressed the need of close cooperation with the MoF and added that this cooperation will further enhance in the nearest future.