Parliament of Georgia Reviewing the New Economic Initiative

23 Dec '09

On December 21, the members of BAG participated at the meeting of the Commission for organizing the review of constitutional draft-law initiated by the President of Georgia. Pursuant to this draft constitutional law, new tax may be introduced or the existing one increased only by way of referendum; the right to initiate calling of referendum will be conferred only to the President.

This constitutional amendment does not concern the excise tax, and the decision made after general public review on state taxes will enter into effect only after four years.

As announced by the Vice President of the BAG and Chairman of Wissol Supervisory Board, Mr. Soso Pkhakadze, amendments planned regarding the taxes will gain the country more stable business environment and attractive investment climate thus enabling long-term planning of business development strategy.