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DAILY NEWS February 21, 2018

GEORGIA AND TURKEY AGREED ON EXPANSION OF FREE TRADE AGREEMENT

Georgian Ministry of Economy and Sustainable Development declared that at final round of negotiations, held in Ankara, agreement was reached with Turkey regarding expansion of current free trade agreement.

In particular, the Ministry said, Turkey agreed to cancel quotas, established for Georgian lemons, kiwi, grapes, dried fruits, canned fruits and vegetables and food ingredients. More...


GEORGIAN AND TURKISH SIDES DISCUSSED ENHANCEMENT OF TRADE WITH ELECTRICITY

At the meeting in Ankara, issue of trade with electricity between Georgia and Turkey was considered, Georgian Ministry of Economy and Sustainable Development reported.

According to the Ministry, the parties discussed opportunity to expand potential of import-export-transit, as well as issues of stability of energy system and development of function of energy hub. More...


GEORGIA OFFERS TO DEVELOP EUROPE-ASIA FIBER-OPTICAL TRUNK VIA GEORGIA AND TURKEY

Within his visit to Turkey, Georgia’s First Deputy Premier and Minister of Economy and Sustainable Development Dimitri Kumsishvili announced initiative to develop Europe-Asia fiber-optic trunk via territories of two countries, Georgian Ministry of Economy reported.

Development of this trunk is “one of priority issues in our countries’ cooperation agenda”, Kumsishvili declared after his meeting with Turkish Minister of Transport, Maritime and Communications Ahmet Arslan. More...


THE PREMIER: NEW TAX INITIATIVE WILL APPLY TO OVER 120,000 ENTREPRENEURS

New tax initiative of the Finance Ministry will apply to over 120,000 entrepreneurs in the country, Georgia’s Prime Minister Giorgi Kvirikashvili declared.

The matter concerns tax amendments, being announced on February 15, which the government has considered again at the meeting today. More...


PUBLIC REGISTER PLANS TO INTRODUCE SMART CONTRACTS IN REAL ESTATE REGISTRATION

National Agency of Public Register announced that work is underway on introduction of so-called “smart contracts” in process of real estate registration.

As the Agency explained, the mentioned system will allow the parties to conclude purchase agreement digitally and to register real estate electronically, without need to visit the Public Register. More...


THE PREMIER: NOBODY IN OUR POWER WILL TOUCH THAT GAIN, WHICH IS CALLED FREE MEDIA

“Nobody in our power will touch that gain, which is called free media”, Georgia’s Prime Minister Giorgi Kvirikashvili declared at the government meeting today.

“Blames of this kind in the conditions of our power are total absurdity”, the Premier stated. More...


FINE FOR DISORDERLY CONDUCT INCREASES

At the meeting today, the government approved draft amendments, to be made to Code of Administrative Offenses, which increase fine for disorderly conduct.

According to the draft, the mentioned offense will lead to fining for a sum from 500 to 1,000 lari instead of current 100 lari. More...


PASTURES IN AKHALKALAKI AND ASPINDZA TO BE GIVEN IN 25-YEAR RENT TO TWO COOPERATIVES

By order of the government, agreements will be signed with 2 cooperatives within the program for rational use of state-owned pastures in mountain areas.

In particular, pastures of over 2,000 ha, located in municipalities of Akhalkalaki and Aspindza (Samtskhe-Javakheti region), will be given in 25-year lease to agricultural cooperatives RK Stella and Khiza, the government said. More...


STATE-OWNED HOSTEL IN MESTIA IS ON SALE

Within “50 Objects for Your Hotel” project, state-owned hostel in Mestia (mountainous region Zemo Svaneti) is on sale for 550,500 lari. The electronic auction will expire on March 20. More...


WITHIN “PRODUCE IN GEORGIA” PROJECT, LLC “APTOS” TO LAUNCH MEDICAL ITEMS’ PRODUCTION IN TBILISI

Within “Produce in Georgia” state program, LLC Aptos will build enterprise for production of medical items in Tbilisi, near the mechanical plant in Orkhevi settlement, the government declared.

For that end, non-agricultural land plot of 10,000 square m was handed over through direct sale to the company, which undertook investment of 2.34 million lari, the government said. More...


ECONOMIC PRESS MONITOR February 22, 2018

Eugeorgia.Info: “HOW CAN USE A BUSINESS THE CREDIT LINE OF EU4BUSINESS-EBRD”

Within EU4Business-EBRD program, signed in May 2016, financial resource was received by two Georgian banks – Sakartvelos Banki (Bank of Georgia, $50 million) and TBC Bank ($60 million). Since May, ProCredit Bank will join this program too (10 million EUR). More...


Eugeorgia.Info: “REVIEW OF DCFTA FULFILLMENT IN DIRECTION OF PHYTOSANITARY”

Through cooperation between state agencies of Georgia and relevant structures of the EU, the list was compiled of acts, which should be adopted in the sphere of food safety, veterinary and plants protection under Deep and Comprehensive Free Trade Agreement (DCFTA), Eugeorgia.Info reports.

As the article notes, rapprochement with 102 legal acts of the EU is planned in respect of food safety, in direction of veterinary – with 84 acts, in terms of plants protection – 85 acts. More...


Forbes Georgia: “WEF: GEORGIA’S 10 MAJOR RISKS”

The World Economic Forum (WEF) published research on major global risks of 2018, the magazine reports.

Within the study, respondents were asked to indicate those major risks, which are most connected to their business plans in the next 10 years. More...


Tabula: “PRODUCTION OF “PUMA”, “NIKE” AND “NEW BALANCE” TO BE SEWN IN POTI”

On February 22, Achara Tekstil will open the enterprise in Poti. Turkish investments in the clothes factory amounted to 40 million lari, Tabula reports with reference to Sakmis Kursi (Business Course), program of broadcasting company TV Pirveli. More...


Tabula: “SWITZERLAND RATIFIED FREE TRADE AGREEMENT WITH GEORGIA”

Switzerland has passed ratification of the free trade agreement with Georgia, Tabula reports. The agreement, which was signed on June 27, 2016, will enter in force on May 1 this year. More...


SPECIAL REPORT January 24, 2018

TAX & LAW BRIEF

IMPORTANT AMENDMENTS TO THE GEORGIAN TAX CODE

Amendments were introduced to the Tax Code, covering the following:

- The VAT payer of European Union is allowed to request refund of VAT paid on the purchase of goods (except, immovable property) and/or services or during importation of goods in Georgia in case of satisfying certain prescribed conditions.

- Distribution of profit earned before 1 January 2017 by a permanent establishment of non-resident enterprise shall not be subject to profit tax. More...


Exchange Rates (NBG)
  02/22/18 + / -
  USD   2.4669   0.0017
  EUR   3.0321   0.0114
  RUR   4.3466   0.0171
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