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1. Tabula: “UNFULFILLED PROMISE”
   (Economic Press Monitor: May 28, 2012)

   Columnist of the magazine Zurab Japaridze considers new initiative, related to the income tax.

   Namely, it will be possible to transfer 2% out of 20% income tax on an individual accumulation account from 2013.

2. BUSINESS GROUP “VALENCIA” STILL SEEKS FOR INVESTMENTS
   (Daily News: May 24, 2012)

   Business group Valencia still tries to attract investments in terms to build mixed (residential and trade) complex in Saburtalo district of Tbilisi, but this time it makes combined efforts with Tiflis Development.

   Director general of Valencia Zurab Agladze told Sarke that these two companies hold negotiations with British group, but refrained to provide details.

3. “STANDARD INSURANCE GEORGIA” COMPLETED 2011 WITH LOSS ALSO
   (Daily News: May 23, 2012)

   Insurance company Standard Insurance Georgia reported loss of 998,066 lari for 2011. This volume exceeds by 38.5% loss of 2010.

4. Rezonansi: “PUBLISHING OF UGULAVA’S MAGAZINE COST UP TO MILLION LARI”
   (Economic Press Monitor: May 10, 2012)

   Tbilisi News magazine is distributed for free among population of Tbilisi. According to the newspaper’s calculations, such a high-quality publishing work should cost about 996,000 lari.

5. Tabula: “UNTAXED MINIMUM”
   (Economic Press Monitor: May 7, 2012)

   The magazine’s columnist Zurab Japaridze comments plans of Georgian Dream, oppositional movement of billionaire Bidzina Ivanishvili, which promised to introduce minimum tax-free wage after coming to the power.

   These plans may be profitable from political point of view, but it is important to understand what negative consequences will follow to the materialization of this idea, Japaridze says.

6. Versia: “WILL COMMERCIAL BANKS DECREASE INTEREST RATE?”
   (Economic Press Monitor: May 4, 2012)

   Zurab Gvasalia, president of Georgian Banking Association, notes that local commercial banks have set interest rates higher, if compared to Europe and the US, but rates in the neighbouring countries are even higher.

   If you compare, you will get sure that banks do not have great difference between the attracted funds and the allocated loans, Gvasalia says.

7. Rezonansi: “SEVERAL SMALL BANKS TO MERGE BY THE END OF THE YEAR?”
   (Economic Press Monitor: April 25, 2012)

   National Bank of Georgia notes that current number of small banks does not bear risk for the country, but merger of minor credit organizations is welcomed.

   In his turn, head of Georgian Banking Association Zurab Gvasalia does not share Fitch’s opinion on excessive number of banks on local market.

8. Rezonansi: “THE GOVERNMENT AND THE OPPOSITION COMPETE IN OVERVALUATION OF ASSESSMENT CRITERIA”
   (Economic Press Monitor: April 24, 2012)

   Zurab Chiaberashvili, Minister of Labour, Health and Social Welfare, said that having vacuum cleaner or PC does not prevent applying status of socially vulnerable anymore.

   However, New Rights continue to regard the evaluation methodology vague.

9. Versia: “ZURAB NOGAIDELI’S SEQUESTRATED PROPERTY WILL BE SOLD BY AUCTION ON APRIL 20”
   (Economic Press Monitor: April 20, 2012)

   According to the court decree, Zurab Nogaideli, ex-Premier and former chairman of movement Fairness to Georgia, has been charged to pay 325,093 lari in favor of this oppositional movement before April 20. After expiration of this term, Nogaideli’s sequestrated property will be auctioned.

10. Rezonansi: “ENTERPRENEURS HAVE 2 DAYS FOR INSTALLING COMPUTERS AND INTERNET”
    (Economic Press Monitor: March 30, 2012)

    The newspaper reports that starting from April 1, enterpreneurs will be required to fill invoices online, on Revenue Service’s web site.

    As the Service explains, currently 25-30% of goods are not registered in the retail chain, while electronic invoice should settle this problem.

11. ZURAB CHIABERASHVILI TO BE APPOINTED AS LABOR, HEALTH AND SOCIAL PROTECTION MINISTER
    (Daily News: March 15, 2012)

    Zurab Chiaberashvili will be appointed as Minister of Labor, Health and Social Protection, Prime Minister Nika Gilauri declared before the government meeting today.

    Gilauri said that Chiaberashvili’s major task will be social protection’s reform.

12. GAS TRANSIT TO ARMENIA SUSPENDED AGAIN
    (Daily News: March 12, 2012)

    Georgian Oil and Gas Corporation has informed on another temporary suspension of gas transit to Armenia, being caused by landslide on 114^th km of Kazakh-Saguramo 1,000-mm gas main. According to the Corporation, damaged section will be repaired in next few days.

13. Rezonansi: “ENTREPRENEURS ARE NOT REFUNDED OF VAT”
    (Economic Press Monitor: March 6, 2012)

    As the article notes, the newspaper could not get information from the Finance Minister about VAT refunded through 2010-2011. Meanwhile, entrepreneurs declare that actually nothing has changed in terms of VAT refund.

14. Bankebi da Finansebi: “WHAT CONDITIONED RECORD GROWTH OF COMMERCIAL BANKS’ PROFIT?”
    (Economic Press Monitor: February 22, 2012)

    Net profit of Georgian banking sector has exceeded 323 million lari in 2011, increasing by 106.7% if compared with showing of 2010. The experts note that this is a record-breaking figure for the last 5 years.

15. TRANSIT THROUGH NORTH-SOUTH GAS MAIN TEMPORARY SUSPENDED
    (Daily News: February 20, 2012)

    Georgian Oil and Gas Corporation has informed that transit of gas from Russia to Armenia has been temporary suspended due to leakage, revealed this morning on 65^th km of North-South gas main.

    Operator of gas main, Georgian Gas Transportation Company, holds repair works in 24-hour mode, so transit is expected to be resumed tomorrow morning, the Corporation said.

16. Rezonansi: “MARKET OWNERS TRY TO AVOID GETTING STATUS OF TRADE ZONES”
    (Economic Press Monitor: January 10, 2012)

    According to amendments, made to Tax Code, market holders must appeal to the Revenue Service and get status of special trade zone. Supposedly, this process will be voluntary until 2014.

17. Rezonansi: “FOREIGN BANKS’ ENTRY DEPENDS ON FIGHT OF THE GOVERNMENT WITH “CARTU””
    (Economic Press Monitor: January 10, 2012)

    President of Georgian Banking Association Zurab Gvasalia and banking expert Lia Eliava are considering prospects of banking sector in 2012.

    According to Eliava, no major changes are expected and the situation of 2011 will be continued in 2012 as well.

18. Rezonansi: “DURING 4 MONTHS, 15M LARI HAS BEEN COLLECTED AS CLEANING FEE FROM POPULATION”
    (Economic Press Monitor: December 14, 2011)

    According to the newspaper, they could not get information from Tbilisi City Hall about revenues from cleaning fee. Oppositional fraction of Tbilisi Council, Free Democrats did not receive any answer to this question as well.

19. “IBERIA DISTILLER” ACQUIRED “KVARELI WINE CELLAR”
    (Daily News: November 18, 2011)

    LLC Iberia Distiller acquired LLC Kvareli Wine Cellar on auction, held yesterday. The company will pay 290,000 lari for the state-owned stake of 100%.

20. BUSINESS GROUP “VALENCIA” PLANS TO BUILD TRADE AND DWELLING COMPLEX IN SABURTALO
    (Daily News: October 21, 2011)

    Business group Valencia plans to build trade and living complex in Saburtalo district of Tbilisi and holds negotiations on investments’ attraction.

    As director general of the company Zurab Agladze has declared to Sarke, the project envisages dismantling of a number of houses on Peking Street and construction of mall and new residential buildings instead.

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