Daily News June 19, 2018	Days:  15 18 19 20 21

politics

THE GOVERNMENT: NEGOTIATIONS WITH ARBITRATION COURT OF INTERNATIONAL CHAMBER OF COMMERCE WILL BE COMPLETED AT THE BEGINNING OF 2019

The renewed program, presented by the government to the Parliament for confidence voting, declares that negotiations with arbitration court of International Chamber of Commerce (ICC) will be finished with signing of cooperation memorandum at the beginning of 2019. The negotiations were launched in 2017.




NOMINEE ECONOMY MINISTER: ATTRACTION OF QUALITATIVE INVESTMENTS IN REAL SECTOR IS IMPORTANT

“Attraction of qualitative investments in real sector is important”, Giorgi Cherkezishvili, nominated as the Minister of Economy and Sustainable Development, declared in the Parliament today.

Cherkezishvili marked also importance of “implementation of investments in hi-tech spheres, which are based on knowledge and technologies”.




NOMINEE FINANCE MINISTER: FISCAL FRAMEWORK FOR 2018-2022 AIMS OPTIMIZATION OF CURRENT COSTS

Nikoloz Gagua, nominated as the Finance Minister, declared in the Parliament today that “Fiscal framework for 2018-2022, which is agreed within the IMF program, aims optimization of current costs”. The released funds will be directed to development of infrastructure projects, he said.




STATE AUDIT SERVICE: INDICATOR OF RECOMMENDATIONS’ FULFILLMENT REMAINS A CHALLENGE

State Audit Service declares that indicator of fulfillment of its recommendations remains a challenge.

As annual report of the Service specifies, only 43% of 1,475 recommendations, issued in 2015-2017, are fulfilled.

economics

ADJUSTED DATA: CROPS AREA IN 2017 DECREASED BY 8.2%

Sakstat released adjusted data, according to which crops’ area in 2017 made up 220,300 ha. If compared with 2016, this indicator has decreased by 8.2%.




THE GOVERNMENT PLANS TAX BENEFITS FOR DAIRY AND PHARMACEUTICAL PRODUCTION

Renewed program, which the government submitted to the Parliament for confidence voting, envisages “full exemption from VAT with the offset right” of local production of genuine milk and dairy products.

The document envisages also VAT exemption for supply of production of local pharmaceutical enterprises.




ADDITIONAL REGULATION APPROVED FOR BROKER COMPANIES, ENGAGED IN TRADE WITH HIGH-RISK FINANCIAL INSTRUMENTS

President of National Bank of Georgia approved rules on additional regulation of broker companies, engaged in trade with high-risk financial instruments. According to respective order, the rules have entered in force on June 16.




TBILISI HOSTS GENERAL ASSEMBLY OF INTERNATIONAL SOMMELIER ASSOCIATION

The 49^th annual general assembly of the International Sommelier Association was opened today in Tbilisi.

As Georgian National Wine Agency pointed, the event, which Georgia hosts for the first time, gathered about 80 professionals from around the world.

business

REGULATING COMMISSION: BY MEANS OF “ELECTRONIC LOG”, DISTRIBUTOR COMPANIES COMPENSATED 2.16M LARI TO CONSUMERS FOR VIOLATION OF STANDARDS

National Energy and Water Supply Regulating Commission presented today the “electronic log”, created within system of monitoring of commercial service quality.

According to the Commission, by means of “electronic log”, starting from January 1, 2017 and through May 31 of this year, distributor companies compensated 2.16 million lari to consumers because of violation of service standards.