The Cabinet will discuss a package of draft amendments to the Tax Code of Georgia

Published in Politics
Thursday, 11 February 2016 15:20
The Cabinet will review draft amendments to the Tax Code of Georgia to ensure implementation of the Estonian model of the tax system in Georgia. As Prime Minister noted in the beginning of the Cabinet meeting, the members of the Government will discuss the package of the draft amendments to submit it later to the Parliament. "We are interested in prompt review and adoption of this draft amendment,"- Prime Minister noted.
Read 620 times

Related items

  • Cabinet meeting chaired by Prime Minister

    Today's Cabinet session, chaired by Georgian Prime Minister Irakli Garibashvili at the Government's Administration, discussed 11 issues on its meeting agenda.
    The Head of Government, in his opening remarks, discussed the country's epidemiological situation.
    Irakli Garibashvili once again thanked all doctors for their heroic service to the population.
    "We are closely monitoring the epidemiological situation. It seems to have somewhat stabilized over the past few days, and things seem to be looking up, but we must stay focused, of course, and maximally mobilized work must continue. The healthcare system, in its entirety, is functioning well, in a mobilized manner. Once again, I would like to thank all doctors for their heroic service to the population. I would like to reiterate that that must make sure that no one, not a single citizen, is left behind, and everyone received the best possible care.
    In this situation, our best solution lies in vaccines, and we must urge everyone to vaccinate. We are about to have vaccinated one million people, possibly over the next few days. But our task must be to vaccinate two million citizens by the end of September, some to have received once shot, others two. A million must have had the virus. Ultimately, we believe-and that is what our doctors and scientists project-the situation is about to stabilize. We have just a few weeks to wait and persevere together through this rough period; and, by all forecasts, the situation will calm down by October. Of course, we must remain mobilized and manage the situation all the while," Irakli Garibashvili said.
    According to the Prime Minister, the process of vaccination is well underway.
    "The Minister has expanded the process of vaccination in Tbilisi as well. We started vaccinated on buses. Together with City Hall, this project was coordinated, but the process must expand further. We must cover the regions to the maximal extent possible, and the entire area of vaccination must expand. The involvement of our armed forces and army doctors is equally crucial. Their teams, in coordination with the healthcare system, are traveling to the regions to vaccinate locals on the ground, which is very important. We must gradually supply every village with vaccines, and offer the population free inoculation on the ground. There has been a positive trend of citizens exhibiting openness toward the vaccine. And the previously prevalent skeptical views are gradually fading away. But we must continue communication. We must explain to the population, on a daily basis, how important it is to wear facemasks and to vaccinate to prevent the country from going back into lockdown, to allow the economy to continue developing, and for us to care after our population's health," the Prime Minister said.
    On the Government's decision, white grapes damaged by the recent natural disaster in Kakheti will be purchased by the state for 0.8 GEL, and black Saperavi grapes for 1.0 GEL. And those whose vineyards have been completely destroyed will receive 3,000 GEL per hectare.
    On the Prime Minister's instructions, the Vice Prime Minister and the Head of the Regional Liaison Department are already on the ground, where a special task force has been put together, and the local population's grievances have been addressed.
    "A few days ago, Kakheti saw a serious natural disaster, with 5,000 hectares of land devastated by hail, and many vineyards and orchards damaged. On my instructions, Vice Prime Minister Levan Davitashvili and Head of the Government Administration's Regional Liaison Department Leri Barnabishvili visited the area in the company of the Governor, with a task force established and our population's problems solved. In particular, the state will pat 0.8 GEL for white grapes and 1.0 GEL for black Saperavi grapes. Those who need to restore their vineyards or orchards will enjoy support from the state-the state, at its own expense, will restore damaged areas and assist our population to make sure that we go through this process as painlessly as possible," the Prime Minister said.
    On the Georgian Government's decision, almost 300 refugee families will receive housing for a symbolic price. Effective owners will have these properties registered to their names as legal owners, meaning both residential and auxiliary facilities.
    "About 300 refugee families will come into possession of housing that will be legally registered to their names for a symbolic price, one GEL," Irakli Garibashvili underlined.

    Press Service of the Government Administration

  • New Cabinet Led by Giorgi Gakharia Wins a Vote of Confidence in Parliament

    The Government of Georgia led by Giorgi Gakharia wins a unanimous vote of confidence, with 85 votes in favor, in the Parliament.

    The Cabinet features one new member, namely Gocha Lortkipanidze who will serve as Justice Minister.

    The legislative body also voted in favor of the 2021-2024 Government Program: Toward Building a European State.

    Press Service of the Government Administration

  • The Budget and Finance Committee did not support the changes to the Tax Code

    The Committee considered the draft by the Minority Factions: European Georgia, Movement for Freedom – European Georgia, Movement for Freedom – Regions on Tax Code with the I readingThe package provides tax remissions and concludes 8 drafts. The changes will improve business milieu, ensure higher profit to citizens, attract investments, facilitate to economic growth and overcome poverty as stated.
    The tax initiatives are as follows:

    • Reduction of income tax from 20 to 15%;
    • Annulment of tax on interest;
    • Reduction of excise tax on oil and gas extracted and imported in Georgia;
    • Annulment of 2-year term on residence and 6-month term on vehicles and annulment of taxation thereof for these periods after sale of estate or vehicle;
    • Reduction of surplus earnings from 15 to 10%;
    • Taxation of real estate of natural persons with 5% instead of 20% and increase of limit on mailed goods from 300 to 500 GEL;
    • Unification of micro and betty businesses to be included into the special taxation regime and the natural entrepreneur the annual turnover of which does not exceed 100 000 GEL shall not be taxed;
    • Increase of VAT-exemption limit from 100 000 to 200 000 GEL;
    • Annulment of import tax.

    State taxes and regulations play crucial role for local business and inflow of foreign capital. Reduction of income tax will facilitate to improvement of macro-economic milieu and increase of welfare of citizens. The Committee did not share the initiatives and presumed that reduction of taxes will entail fiscal loss of budget. “Reduction of income tax with 800 ml GEL will be wrong especially when we have not yet adopted the pension reform law and local budget law. We cannot touch the income tax unless we solve these problems”, - the first Deputy Chair, Paata Kvizhinadze stated.
    The Deputy-Finance Minister, Giorgi Kakauridze stated: “we shall follow the plan outlined within the tax regimes under the budget. Implementation of the plan will encourage economy but alteration of the plan will damage our economy”.
    The Chair, Irakli Kovzanadze spoke about the arguments for non-sharing of the initiatives. “Economy of the country had a good start. We already witness positive trend and first outcomes: real growth of GDP in January-February constituted 4,8%, budget income plan of the first quarter is over-implemented with 6% and in nominal manner we have extra 152,7 ml GEL. This index exceeds the last year index with 496,2 ml GEL. It is the sum to be consumed for welfare of the citizens and creation of infrastructure. Today, more than 1500 infrastructural facilities are under construction by the Ministry of Infrastructure along with municipalities”.
    He touched upon the investments and noted: “Since January 1, we have the best investment milieu. Estonian model guarantees ideal conditions for investors. It is the guarantee that this year as according to the budget data so under GDP macro-economic conditions, we will have the best results in the region. It is the pre-condition that the Government and Parliament with joint efforts will achieve the outlined goals. Hence, we are on the right path. The Majority and the Government share the uniform approaches and the plans we made in the end of December were correct. The first 3 months show that we have correctly planned and have respective results”.
    He echoed the inflation and stated that inflation always existed and sometimes it facilitates to economic growth: “We hope that the National Bank and the Ministry of Finance will cooperate for better results. This cooperation is the pre-condition for IMF restoring relations with Georgia and soon Washington will endorse this program and reserves of the National Bank will increase with 285 ml GEL. It is the greatest success”. The Committee did not support the draft.

     

     
  • The sitting of the Legal Issues Committee

    The Committee considered the drafts on: Interest Incompatibility and Corruption in Public Service; Notary; and the Tax Code with the III reading and expressed editorial remarks.
    To make the record in the draft on Interest Incompatibility and Corruption in Public Service; clearer, the person shall, within 2 months upon dismissal, fill in the property declaration if he/she failed to fill it within the calendar year of dismissal. He/she as well shall, within 1 year upon dismissal in line with the month of the preceding declaration, within the “same” month if failed to be appointed at the new position, fill in and submit the property declaration. Such provision will be clearer”, - Mamuka Mdinaradze stated.
    According to the Chair, Eka Beselia, after II reading of the draft on Notary, the following shall be added to the paragraph 6, Article 8: “other than the events stipulated under the paragraph 3 of the hereby Article”, which means that it is the case envisaging the exception in case of the testament. According to the par. 3 of the Art. 8 of the Law, the Notary is entitled to disclose the information about availability of the testament or the content thereof upon decease of the testator solely. The Committee supported the draft.

  • Kvirikashvili signed the appointment ddocuments of the new cabinet of minister

    Giorgi Kvirikashvili the Prime Minister of Georgia signed the appointment document of the new cabinet of ministers. This information was published by the Government Administration.
    The renewed government team led by Giorgi Kvirikashvili was approved by the Parliament at November, 26.

Business News

Silk Road Tbilisi Forum 2015 has started

Silk Road Tbilisi Forum 2015 has started

Silk Road Tbilisi 2015 forum started today. Following the success of the inaugural Routes Silk Road...

Agreement between SES and GEE

Agreement between SES and GEE

A new multi-year agreement was signed between worldwide satellite operator SES and Global Eagle Ente...

International Year of Soils in Georgia

International Year of Soils in Georgia

The United Nations Development Programme (UNDP), Swiss Cooperation Office in the South Caucasus and ...

Exchange of 1 USD Equals 2.3978 GEL

Exchange of 1 USD Equals 2.3978 GEL

According to the new official exchange rate set by National Bank of Georgia, 1 US Dollar equals 2.39...

MOST READ

« May 2022 »
Mon Tue Wed Thu Fri Sat Sun
            1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31          

About

The News Agency,
NEWSDAY.GE is
a part of STARVISION
Media Group.
It made its first
appearance on the Internet..More

 

Contact

NEWSDAY Ltd.
Lechkhumi street.43

Georgia,Tbilisi

Phone: (+995 32) 257 91 11
E-mail: avtandil@yahoo.com

 

 

 

Social Media