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DAILY NEWS April 25, 2017

THE GOVERNMENT APPROVED LEGISLATIVE PACKAGE ON ECONOMIC CRIME DECRIMINALIZATION

At the meeting today, the government approved package of amendments to Tax Code. One of amendments concerns decriminalization of economic crime. More...


THE GOVERNMENT: PERSONS WITH MIDDLE INCOME WILL HAVE TO MAKE THE CHOICE BETWEEN PRIVATE INSURANCE AND UNIVERSAL HEALTHCARE STATE PROGRAM

By decision of the government, the state program of universal healthcare has been amended.

In particular, persons with middle income (i.e. from 12,000 lari to 40,000 lari in a year) “have to make a choice between private insurance and the state program of universal healthcare, which will serve them, in case of a choice, in the reduced volume”, the government declared. More...


THE PREMIER: TAX PRIVILEGES FOR INCOMPLETE CONSTRUCTIONS WILL BE EXTENDED FOR 2 YEARS

Prime Minister Giorgi Kvirikashvili declared that tax privileges, established for incomplete constructions, will be extended for 2 years. The government considered corresponding legislative changes at the meeting today. More...


THE PREMIER: FUEL FOR INTERNAL FLIGHTS WILL BE EXEMPTED FROM VAT AND EXCISE

“We will exempt from VAT and excise that part of aviation fuel, which is intended for domestic flights”, Prime Minister Giorgi Kvirikashvili declared. Privileges will be imposed also “on provision of service, related to various air transportations”, he pointed. More...


THE GOVERNMENT TO BUY FEASIBILITY STUDY AND DETAILED PROJECT FOR CONSTRUCTION OF THE 2ND LANE OF KUTAISI BYPASS ROAD

The government is going to procure service on preparation of feasibility study report and detailed project of the 2nd lane of Kutaisi bypass road.

The corresponding draft of the order was approved by the government at the meeting today. More...


DOMESTIC TURNOVER OF OPERATIONS WITH RESIDENT ISSUERS’ CARDS IN Q1 INCREASED BY 25.6% Y-O-Y

National Bank of Georgia (NBG) reported that turnover of domestic operations with resident issuers’ plastic cards amounted in the 1st quarter to 3.74 billion lari. If compared with the same period of 2016, the volume has increased by 25.6%. More...


FOREIGN TURNOVER OF OPERATIONS WITH RESIDENT ISSUERS’ CARDS IN Q1 INCREASED BY 25.3% Y-O-Y

National Bank of Georgia (NBG) reported that turnover of operations, conducted abroad with resident issuers’ plastic cards in the 1st quarter, amounted to 278.36 million lari. If compared with the same period of 2016, the volume has increased by 25.3%. More...


PARTNERSHIP FUND AND “ARIC GROUP” PLAN CULTIVATION OF GEORGIAN PISTACHIOS

Partnership Fund and Aric Group plan to begin cultivation of pistachios in Sagarejo district (Kakheti region) within the joint project. The parties have already signed respective memorandum of understanding. More...


PRIVATIZATION OF “GRAIN LOGISTICS COMPANY” IS PLANNED

The government plans to privatize state-owned (100%) LLC Grain Logistics Company through direct sale. Draft of the corresponding order was considered at the government meeting today. More...


COFFEE ENTERPRISE OPENED WITHIN “PRODUCE IN GEORGIA” PROGRAM

Ministry of Economy and Sustainable Development reported that BB Company has opened coffee enterprise Mondo within “Produce in Georgia” state program. According to the Ministry, investments in the project have totaled to 4.32 million lari. More...


ECONOMIC PRESS MONITOR April 26, 2017

Forbes Georgia: “112 AUDIT COMPANIES PASSED COMPULSORY REGISTRATION IN GEORGIA”

112 audit companies passed compulsory registration in Georgia, the magazine reports. Since November 1, 2016, when the registration has started, 384 accountants were registered in audit registry. More...


Tabula: “THE GOVERNMENT REQUIRED TO REMOVE FADY ASLY FROM THE MEETING WITH INVESTORS, THE MEETING FAILED”

Georgia’s Prime Minister Giorgi Kvirikashvili had to hold meeting with business delegation from Middle East, but the planned meeting failed.

12-member delegation arrived in Georgia by organization of International Chamber of Commerce in Georgia (ICC-Georgia). More...


Tabula: “KUMSISHVILI: EXTENSION OF TAX PRIVILEGE FOR CONSTRUCTION WILL BRING TO END PROJECTS OF 200M”

By initiative of the government, tax privilege (exemption from VAT), set for construction projects, launched before 2008, will be extended by 2 years, until 2020.

Finance Minister Dimitri Kumsishvili said: “We made the first decision on setting privileges in 2015. More...


Tabula: ““UNM” DEMANDS TO INVESTIGATE POSSIBLE CORRUPT ACTIVITY OF GOGASHVILI”

United National Movement (UNM) applied to Main Prosecutor’s Office with demand to investigate possible corrupt activity of deputy head of State Security Service Soso Gogashvili, Tabula reports.

Until apportionment on the high-ranking position in the Service, Gogashvili was beneficiary of social allowance, while now he is owner of property worth of several millions, UNM states. More...


SPECIAL REPORT March 27, 2017

FOREIGN DIRECT INVESTMENTS, 2016

Based on the preliminary data, in 2016 compared to 2015:

- The volume of foreign direct investment (FDI) increased by 5% and amounted to 1.6 bln USD;

- The largest increase in FDI came from Turkey (200 mln USD), amounting to 272 mln USD;

- By sector, the biggest increases in the volume of FDI were in manufacturing (79%, 53 mln USD) and in the energy industry (64%; 79 mln USD). Meanwhile, in the financial sector the volume of investment decreased (-24%; 42 mln USD);

- The volume of investment increased in Kvemo Kartli (265%; 56 mln USD) but decreased in Adjara (-21%; 43 mln USD). More...


Exchange Rates (NBG)
  04/26/17 + / -
  USD   2.4773   0.0329
  EUR   2.6968   0.0378
  RUR   4.3797   0.0183
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