Daily News November 24, 2017	Days:  21 22 24 27 28

politics

FINANCE MINISTRY PRESENTED NEXT AMENDMENTS TO TAX CODE

Finance Ministry announced that drafting of next amendments to Tax Code is completed. In next few days, the draft will be submitted to the Parliament.




ACTING FINANCE MINISTER: BESIDES REFORMS, WE PLAN IN 2018 CONSIDERABLE CHANGES IN QUALITATIVE PART

Acting Finance Minister Mamuka Bakhtadze declared that besides reforms, considerable changes in qualitative part are planned in 2018, in order to make current processes “more perfect and modern”. He declared the mentioned at the meeting with Georgia Employers Association today.




NBG PRESIDENT: FROM THE END OF THE YEAR, WE WILL GRADUALLY INTRODUCE SYSTEMIC CAPITAL BUFFERS FOR COMMERCIAL BANKS

“From the end of this year, in line with Basel III principles, we will gradually introduce systemic capital buffers for commercial banks”, President of National Bank of Georgia (NBG) Koba Gvenetadze declared.

“We are also updating our banking resolution and crisis management framework and working on corporate governance guidelines for commercial banks”, Gvenetadze said in his comment, published on web site of IMF.

economics

DEPUTY PREMIER: WE INVESTED INCOME, GAINED FROM PROFIT TAX REFORM, IN INFRASTRUCTURE

Georgia’s First Deputy Premier and acting Finance Minister Dimitri Kumsishvili stated that income, gained from profit tax reform, was invested in infrastructure.

In order to compensate the budget revenues, declined after the reform, we increased indirect taxes, “for example, by doubling taxes on fuel, raising the excise tax on tobacco, cars, and gambling”, Kumsishvili specified.




FAO: GEORGIA HAS UNUSED POTENTIAL FOR SIGNIFICANT INCREASE IN EXPORT OF AGRICULTURAL PRODUCTION

Experts of the UN Food and Agriculture Organization (FAO) estimate that Georgia has unused potential for significant increase in export of agricultural production. At that, experts specify that integration with the EU remains key objective of foreign economic and trade policy of Georgia.




GEORGIA PLANS DEVELOPMENT OF COOPERATION WITH ISRAEL IN THE AGRARIAN SPHERE IN THE SCIENTIFIC AND EDUCATIONAL DIRECTION

Georgian Agriculture Ministry reported that within visit to Israel, the Minister Levan Davitashvili has met with representatives of Israeli Agricultural Research Organization, Volcani Center.

As Davitashvili stated, “We want to carry out cooperation between Israel and Georgia in scientific and educational directions within the memorandum”.




BRITISH SHOW DESIRE TO COOPERATE WITH GEORGIAN PARTNERSHIP FUND’S AFFILIATED “COMPANY OF CLINICS DEVELOPMENT”

Georgian Partnership Fund reported about visit of delegation of British Indian Clinical and Academic Partnership (BICAP) and King’s College London.

As the Fund said, the British delegation expressed interest in development of three clinics, being in possession of the Fund, and cooperation with the Fund’s subsidiary Company of Clinics Development.

business

“FITCH RATINGS” AFFIRMED CREDIT RATING OF “GEORGIAN RAILWAY”

Fitch Ratings declared that long-term rating of Georgian Railway was affirmed at “B+”, outlook – stable. The agency noted that it has rated the now company” using its Public Sector Entity criteria in order to better reflect its policy role and links with Georgia”, against of previously used Corporate Parent and Subsidiary Linkage criteria.




OWNER OF 74.64% IN “LIBERTY BANK” PLANS BUYOUT OF MINORITY STAKES

European Financial Group BV, which acquired recently controlling stake in Liberty Bank, plans to buyout shares of minority shareholders. For that end, the company announced mandatory buyout proposal, which expires on January 25, 2018.




AUCTION ANNOUNCED ON HOTEL ARRANGEMENT ON CHONKADZE STREET IN TBILISI

Ministry of Economy and Sustainable Development reported that Agency of State Property has announced electronic auction on arrangement of hotel with at least 80 rooms in Tbilisi (Chonkadze Str. 21, former Center of Archeology).

Starting price of the building makes up 8.2 million lari, while future owner should invest in the hotel’s arrangement 10 million lari at least, the Ministry said.