Parliament approves amended tax code to annul tax debts of 145,842 individuals

The Parliament of Georgia on Wednesday approved amendments into the tax code of the country that will see tax debts totalling ₾591 million ($221.53mln) written off for 145,842 individuals and establishment of temporary tax reliefs for certain transactions.

Paata Kvizhinadze, the Chair of the Budget and Finance Committee, said all private entities, including individual entrepreneurs, would have their recognised tax debts incurred and unpaid before January 1, 2021 fully written off.

In addition, the amended code also establishes tax reliefs for transfer of ownership rights to Georgian enterprises for all assets of foreign enterprises registered in the country with preferential taxation until January 1, 2028.

The legislative body said the relevant operations would be exempted from profit, income and property taxes. It also noted import of assets or goods into Georgia would be exempted from import taxes within the scope of this operation, while Georgian enterprises would be exempted from property tax until January 1, 2030.