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Daily News

May 5, 2022

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economics

    IN 2021, REFUND OF VAT PAID IN EXCESS INCREASED IN GEORGIA BY 86%

    Georgian Revenue Service reported that in 2021, refund of VAT paid in excess amounted to 1.9 billion lari. If compared with 2020, the volume has increased by 86%.


    IN 2021, NUMBER OF COMMODITY CUSTOMS DECLARATIONS INCREASED IN GEORGIA BY 20%

    Georgian Revenue Service reported that 333,020 commodity customs declarations were submitted in 2021, increasing in number by 20% year-on-year.

    Out of total, 229,314 declarations were submitted within procedures for goods’ admission in free circulation (import), increasing in number by 18%.


    REVENUE SERVICE PLANS TO MODERNIZE CUSTOMS INFORMATION SYSTEMS

    Report of Georgian Revenue Service for 2021 indicates that the project of modernization of customs information systems begins, which will last for the next 3 years.

    The project will be implemented with the support of the US Export Control and Border Security Program (EXBS) and with the participation of the company NU Borders.


    IN Q3, GEORGIAN REVENUE SERVICE PLANS TO SWITCH TO NEW SYSTEM OF TAX INDEBTEDNESS MANAGEMENT

    Georgian Revenue Service reported that in the 3rd quarter, it is going to switch to a new system of tax indebtedness management.

    Despite the fact that most taxpayers voluntarily declare and pay taxes, debt management is still a challenge, the Service pointed.


    FISCAL COMMITTEE DID NOT SUPPORT THE OPPOSITION’S INITIATIVE ON TAX BENEFITS FOR MEDIA

    The Georgian Parliament reported that opposition MPs have submitted a draft of amendment to the Tax Code, which envisages establishment of tax benefits for the media.

    On May 4, the Fiscal Committee considered this legislative initiative in first hearing, but did not support it, the Parliament said.


    IN 2024, GEORGIA WILL START AUTOMATIC EXCHANGE OF INFORMATION ON FINANCIAL STATEMENTS WITH OTHER COUNTRIES

    Georgian Revenue Service reported that starting from September 1, 2024, Georgia will automatically exchange information on financial reports with relevant departments of foreign states. This will contribute to the growth of tax transparency and reduce tax evasion, the Service said.


    ECONOMY MINISTER: JAPAN HAS A VERY BIG POTENTIAL IN TERMS OF MAKING INVESTMENTS IN GEORGIA

    Levan Davitashvili, Georgia’s Minister of Economy and Sustainable Development, declared that Japan has a very big potential in terms of making investments in Georgia. “We will work with specific Japanese companies in this regard”, he pointed.


business

    THERE ARE 4 PRIVATE INVESTMENT FUNDS REGISTERED IN GEORGIA

    National Bank of Georgia (NBG) reported that there are 4 private investment funds registered in Georgia.

    Of them, LLC Gazelle Finance Georgia and Rushmore (a joint investment fund) were registered in 2021, while JSC Diversified Credit Portfolio and JSC Foersight Capital – in 2022 (February 25 and March 7, respectively).


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