EX-PRESIDENT OF NBG: EMPLOYING SO-CALLED “OFFSHORE LAW”, IVANISHVILI CAUSED HUNDREDS OF MILLIONS OF LARI DAMAGE TO THE BUDGET

Bidzina Ivanishvili (billionaire founder and honorary chairman of the Georgian Dream), who, employing the so-called “offshore law”, moved recently works of art to Georgia and re-registered assets worth more than $1 billion (lands, hotels, malls, etc.) on Georgian companies, all without paying taxes, caused hundreds of millions of lari in damage to the budget and put himself in a privileged position compared to other businesses, ex-president of the National Bank of Georgia (NBG) Roman Gotsiridze posted on the social network.

As Gotsiridze explains, the so-called “offshore law” is in force until 2028, while assets “relocated” into the country under this law, although in fact it is a paper manipulation, are exempt from property tax until 2030.