AS OF MARCH 31, TOTAL CREDITS INCREASED BY 15.1% Y-O-Y

National Bank of Georgia reported that as of March 31, total volume of credits made up 26.8 billion lari, increasing year-on-year by 15.1%.

If excluding exchange rate effect, the credits increased year-on-year by 20.7%, while real growth (i.e. additionally excluding inflation) made up 17%. More...

AS OF MARCH 31, TOTAL DEPOSITS INCREASED BY 10.3% Y-O-Y

National Bank of Georgia reported that as of March 31, total volume of deposits amounted to 23.1 billion lari, increasing by 10.3% year-on-year.

If excluding exchange rate effect, the deposits increased by 17.8%, while real growth (i.e. additionally excluding inflation) made up 14.1%. More...

IN Q1, BANKS WROTE OFF CREDITS OF 71.8M LARI

National Bank of Georgia (NBG) reported that in the 1st quarter, Georgian banks wrote off credits, totaling to 71.8 million lari.

Property, pledged by bad borrowers and appearing in property of the banks, totaled in the end of March to 162 million lari. More...

PRIME MINISTER: WE WILL SURELY CONTINUE CONSTRUCTION OF HYDROELECTRIC STATIONS

We will surely continue construction of hydroelectric stations so that interests of local population were always protected, Georgia’s Prime Minister Mamuka Bakhtadze declared to journalists. He pointed also that any project has to conform to highest environmental standards. More...

THE GOVERNMENT: CONSTRUCTION OF MULTIFUNCTIONAL EDUCATIONAL COMPLEX BEGINS IN BATUMI

Georgian government reported about launch construction of new multifunctional educational complex in Batumi, which will occupy area of 7 ha. Prime Minister Mamuka Bakhtadze personally presented today the project, which was initiated by him. More...

“SAKARTVELOS BANKI” TO PAY DIVIDENDS OF 139.2M LARI

Sakartvelos Banki (Bank of Georgia) will pay dividends of 139.2 million lari from profit for 2018, declared BGEO Group (owner of over 75% of ordinary shares of the bank). Decision on dividends’ distribution was made on May 14. More...

DIRECTOR OF “GEORGIAN AIRPORTS ASSOCIATION”: WITH HIGH PROBABILITY, NEGOTIATIONS WITH “RYANAIR” WILL BE SUCCESSFULLY ACCOMPLISHED

Giorgi Chogovadze, director of state-owned LLC Georgian Airports Association, said that with high probability, negotiations with Irish low-coster Ryanair will be accomplished successfully. Supposedly, the airline will launch operation in Georgia from the next year, he noted. More...

LLC “TEDA” GOT LICENSE FOR GOLD-COPPER-POLYMETALS EXTRACTION IN TSALKA MUNICIPALITY

On May 16, electronic auction expired on the 20-year license for exploration and extraction of gold-copper-polymetals in the village Khachkoi (Tsalka municipality of Kvemo Kartli region). As Georgian National Mining Agency announced, the license holder became LLC Teda. More...

Forbes Georgia: “WHAT NON-USE OF STRATEGIC TRANSPORT LOCATION COSTS US”

Referring to the World Economic Forum, the magazine reports that in terms of transport infrastructure Georgia is on the 74^th place among 137 countries. In terms of highways’ quality, Georgia is on the 82^nd place, of railway quality – on the 39^th, while in terms of seaports and airports – on the 69^th. More...

Forbes Georgia: “1,700 FOREIGN SUPPLIERS – REPRESENTATIVES OF WHICH COUNTRIES PARTICIPATE IN GEORGIAN TENDERS”

In 2018, total cost of Georgia’s state procurements amounted to 4.09 billion lari, the magazine reports. Procurements, conducted through electronic auctions, made up 3.3 billion lari, while simplified procurements (i.e. conducted without tender announcement) totaled to 778.57 million lari. More...

Forbes Georgia: “IN 2018, NUMBER OF OCCUPIED IN PUBLIC SECTOR INCREASED BY 16,000”

Referring to Sakstat, the magazine reports that number of occupied in Georgia’s public sector increased in 2018 nu 16,000 and made up 300,000. This category of occupied accounted for 17.7% of total occupied number, against of 16.6% in 2017. More...

TAX & LAW BRIEF

AMENDMENTS TO THE INSTRUCTION ESTABLISHED BY THE ORDER N996 OF MINISTER OF FINANCE OF GEORGIA

According to the recent amendments to the Instruction Established by the Order N996 of Minister of Finance of Georgia dated 29 March 2019:

- The VAT payer shall apply to tax authority with the request to cancel VAT registration, if the following requirements are satisfied simultaneously:

-- The registration was voluntary;

-- No more than 30 calendar days have passed since the registration date;

-- The fact of requesting – issuing the VAT invoice has not been confirmed;

-- No VAT declaration has been submitted;

-- In accordance with the amendments, the form of application for cancellation of the VAT payer’s status was changed.

Source: The Legislative Herald of Georgia, 22 April 2019. More...