First Vice Prime Minister, Georgian Economy Minister, Levan Davitashvili on Monday remarked on the Tax Code amendments initiated by the parliamentary majority group, concerning the transfer of assets from countries with preferential taxation, saying “The law enables us to attract more funds, investments, and assets to our country, making Georgia a desirable investment destination for investors. This is an important task, and this is precisely the motivation for the law.”

According to Davitashvili, the Georgian government has previously implemented tax relief to promote various directions.

“This is the state’s economic policy, which I believe the country is effectively executing. In prior years, we liberalised taxes to make our investment climate even more appealing. I believe that the law is quite adequate since there are global tendencies – less confidence in nations with preferential tax regimes. As a result, there are strong chances for us to attract new investments and capital under these conditions.

“We are wondering how to transform the country into an investment-friendly, financial centre, or financial hub. I believe that the legislative initiative taken by the majority of deputies, in this case, is completely consistent with the goal that we have declared, which is to bring more capital and investments into the country, all of which contribute to the country’s economic growth and development,” Davitashvili stated.

The Minister noted that the current global capital mobility presents a chance for nations such as Georgia to attract fresh investments.

Davitashvili also hinted at the prospect of adding more tax breaks.

“We anticipate that the government team will introduce additional tax incentives. Of course, the economic team will discuss it, which could turn into legislative proposals that affect various demographic groups and the general public,” he added.