101% of projected revenue accrued in seven month period

Some good news has emerged from the Ministry of Finance. According to statistics 101% of the projected budget revenues for the first seven months of this year have been accrued. Although April and May showed income deficits the last two months have yielded better results. Over the first 7 months of 2009 as a whole GEL 3.1069 billion came into the country while 3. 886 billion GEL had been expected.

Economic analysts suggest the increase in budget revenues is the result of better customs administration. Certain new regulations have been imposed e.g. small border traders are taxed if they cross the border more than once in 30 days, meaning that the goods they bring into the country, even if they claim they are for personal consumption, are taxed.

Customs regulations concerning postage parcels have also been changed. Previously a parcel was taxed if its value exceeded GEL 1,500, now it is taxed if it exceeds GEL 300.