During the meeting of the International Monetary Fund (IMF) and World Bank (WB) constituencies in Luxembourg, Georgia’s Minister of Finance, Lasha Khutsishvili, met with Luxembourg’s Finance Minister, Gilles Roth.

They discussed cooperation between Georgia and Luxembourg in the tax and financial sectors and expressed readiness to deepen their partnership. Khutsishvili also briefed Roth on Georgia’s current macroeconomic situation and forecasts.

Additionally, the Finance Ministers signed a Protocol amending the Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion concerning Income and Capital. This update aligns the existing agreement with the 2017 OECD Model Tax Convention.

The revised agreement is expected to enhance economic cooperation and improve transparency and information exchange between the two countries for tax purposes.

Notably, on March 27, 2024, the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes published a report rating Georgia as largely compliant with international standards in this area.