Georgian banks and the financial sector will not switch to the Estonian model of corporate income tax, Georgian Prime Minister Irakli Garibashvili announced at today’s Cabinet meeting, noting that the current system will remain.
The PM went on to say that the government would apply to the Parliament to cancel the registration of the so-called Estonian model as “it is unjustified that the banks have such a large profit.”
“Additionally, under our proposal, the profit tax for banks would be 20% rather than 15%, and we intend to generate additional income beginning in 2024,” the Prime Minister added.
“In the third quarter, the business turnover soared by 17% and amounted to 47 billion GEL. This is the result of our correct policy. Jobs in the business sector climbed by 45,000 in the third quarter to a record total of 723,000,” he added.