Mamuka Bakhtadze - Reform on small business is unprecedented practice in world economic history

14:13, 15.02.2018

Reform on promoting small business is unprecedented in world economic history, – Finance Minister Mamuka Bakhtadze made this statement after the meeting of government.

As Finance Minister noted the new draft law aiming to encourage small entrepreneurship in Georgia was prepared by the Ministry of Finance with the initiative of the Prime Minister.

“Our task is the role of medium and small businesses to be significantly increased in the gross domestic product. The mentioned reforms envisages starting of unprecedented practice, it can be said in the history of the world economy. We will cut taxes by five times for small entrepreneurs. In particular, we will reduce it from 5 to 1 percent. In addition the enterprise with turnover of up to 500,000 GEL will be considered the small entrepreneur. In fact, this is 5-fold increase of the current level – 100,000 GEL. The mentioned reform is the part of the new wave and it will naturally followed by new tax initiatives,” – Mamuka Bakhtadze said.

Economics

Mamuka Bakhtadze

small business

tax