Georgian Gov’t amends tax law to improve investment climate

Georgia is making changes to the country's tax law in a bid to improve the investment climate, attract more investors and additional capital to the country.

The tax law amendments will support the trade process by tightening financial security on international stock exchanges, according to Georgia’s Ministry of Finance.

The new tax law will encourage companies to be listed on global stock exchanges.

“Companies which are listed on different stock exchanges trade their securities and attract capital have certain expenses. The amendments to the tax law are aimed at deducting expenses from the companies’ taxable income,” said Georgia’s Deputy Finance Minister Lasha Khutsishvili.

The Georgian Government believed the amendments to the tax law were another example of successful cooperation between the Government and the business sector.

Meanwhile, Georgian Government continued the trend of trade liberalisation activities. The Government started actions to liberalise the Tax Code and create better conditions to the business society.

In particular, the Georgian Government was planning to implement the Estonian model of income tax reform. Following the Estonian Taxation Model, except for profit-sharing businesses, all businesses should be exempted from income tax.

Another endeavor the Government was embarking on in order to improve the business environment in Georgia was to decriminalise economic crime. (Agenda.ge)