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DAILY NEWS February 23, 2018

DENMARK TO ALLOCATE 27M EUR TO GEORGIA

Georgia government declared that the country will receive 27 million EUR, being allocated within new strategy of Danish Neighborhood Program (DANEP) for 2017-2021.

As the government noted, the supporting program for Georgia consist of two major directions – human rights and democratic development; assistance and strengthening to steady inclusive economic growth. More...


RULE OF RECOGNITION OF FINANCIAL INSTRUMENTS’ TRADING SYSTEM AS ORGANIZED MARKET IS APPROVED

President of National Bank of Georgia (NBG) approved rule for recognition of financial instruments’ trading system as organized market.

According to the president’s order, JSC Georgian Stock Exchange is obliged to meet all requirements, provided by the order, by August 31. More...


COMMUNICATION COMMISSION: REVENUES OF TV ADVERTISING MARKET DID NOT DECREASE IN 2017

The market analysis showed that revenues of TV advertising market for 2017 did not decrease, the National Communication Commission declared.

According to data, declared by broadcaster companies, revenues for 2017 amounted to 73.98 million lari, reducing by 14%. More...


RULE OF CERTIFICATION OF ALCOHOLIC BEVERAGES AND ALCOHOL FROM GRAPE IS APPROVED

The Minister of Environmental Protection and Agriculture adopted rule of certification of alcoholic beverages and alcohol of grape origin.

Accordingly, respective order of the Minister of 2004, which adopted rule of certification of alcoholic beverages, issuing of certificate of origin and sorting of wine, is declared null and void. More...


PILOT STUDY OF AQUACULTURE FARMS STARTS

Sakstat starts a pilot study of aquaculture farms. As the service said, trainings and field works, related to the study, will be held countrywide from February 22 to March 19. More...


DEPUTY MINISTER OF ECONOMY: IMPROVEMENT OF SEAMEN EDUCATION SYSTEM IS ONE OF CORE PRIORITIES OF THE GOVERNMENT

Improvement of education system of seamen is one of core priorities of Georgian government, Deputy Minister of Economy and Sustainable Development Giorgi Cherkezishvili declared at the opening of forum of employers and partners in Batumi. The event was organized by Batumi State Maritime Academy. More...


IN 2017, LOANS TO SECTOR OF REAL ESTATE AND CONSTRUCTION ACCOUNTED FOR 4.8% OF TOTAL CREDITS

National Bank of Georgia reported that loans to sector of real estate and construction accounted for 4.8% of total credits, issued in 2017. In 2016, this rate made up 5.1%. More...


“PMC” RESEARCH CENTER: TRANSFER OF THE SITE OF NAVTLUGI-DIDUBE OF THE TBILISI RAILROAD IN THE TUNNEL WILL BE THE BEST OPTION

Among the considered variants of railroad arrangements within Tbilisi, the best indicators of urbanistic development, safety and ecology has option of placing the railway section Navtlugi-Didube in a tunnel, PMC research center declared.

Presentation of respective research was held on February 22 by affiliated researcher and head of urbanistic laboratory of the center Giorgi Babunashvili. More...


“COLLIERS INTERNATIONAL GEORGIA”: AMONG SO-CALLED “KHRUSHOVKAS” IN TBILISI, THE STRONGEST ONES ARE IN VAZHA-PSHAVELA AREA

In spite of the fact that operation term of so-called “khrushovkas” (residential five-storey apartment blocks) has already expired, the strongest buildinds of this kind are located in Vazha-Pshavela area (Saburtalo district), Colliers International Georgia reported.

The company noted that by 1990, “khrushovkas” accounted for 8% of total housing in Tbilisi, while their share has decreased to 4% for now. More...


CONCEPT OF URBAN DEVELOPMENT OF ANAKLIA TO BE PREPARED BY “BUROHAPPOLD ENGINEERING”

The concept of Anaklia urban development will be prepared by the British company BuroHappold Engineering, Anaklia City announced.

At the presentation, held in Tbilisi today, Anaklia City said that the British company will have to prepare economic analysis of Anaklia city, the master plan and to conduct feasibility study of the project. More...


ECONOMIC PRESS MONITOR February 23, 2018

Forbes Georgia: “WB: LABOR FORCE WITH INADEQUATE EDUCATION IN GEORGIA”

In Georgia, “most of the population works in the low-productive agriculture and trade, where demand for university graduates is rather low”, the World Bank (WB) says. As a result, size of educated labor force exceeds demand, the WB specifies. More...


Netgazeti.Ge: “KELLY: IMPARTIAL JUDICIARY IN GEORGIA IS VITAL FOR INVESTMENTS”

The US ambassador Ian Kelly says that problems still persist in Georgia from the point of view of judicial system’s impartiality. “The impartial judicial system, free from external influence, is vital for attraction of foreign investments”, he stresses. More...


Netgazeti.Ge: “$4M AND “SETTLED PROBLEM” OF TV COMPANY “PIRVELI””

Vakhtang Tsereteli, single owner of TV Pirveli, together with journalists of TV channel, told on February 8 to non-governmental organizations about problems around TV channel, Netgazeti.Ge reports.

The problems had aroused in summer of 2017, being related to that business, from which the television was subsidized. More...


Tabula: “ASLY: “OMEGA GROUP” UNFAIRLY ATTACKS THE GOVERNMENT AND BEHAVES IRRESPONSIBLY”

Fady Asly, chairman of Georgian national committee of International Chamber of Commerce (ICC), considers that Omega Group “unfairly attacks the government and behaves non-professionally”.

Asly says that Omega, which tried to receive fraudulently 270 million lari from British-American Tobacco, has started making false accusations against the government after the Supreme Court refused to consider the group’s claim. More...


Eugeorgia.Info: “CONSIDERATION/ADOPTION OF METHODOLOGY OF INTRODUCTION OF RIA CLOGGED”

The Parliament had to approve methodology of Regulation Impact Assessment (RIA) at the autumn session of 2017, but this process has clogged for unknown reasons, Eugeorgia.Info says.

In December 2017, parliamentary secretary of the government Shalva Tadumadze declared that work on the methodology has stopped because of reorganization of the government and its consideration, presumably, will be postponed for spring session. 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)
  02/23/18 + / -
  USD   2.4671   0.0002
  EUR   3.0375   0.0054
  RUR   4.3763   0.0297
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