The Georgian parliament approved amendments to the Tax Code with the third reading with 73 votes pro and nine con. The parliament discussed the draft bill in an expedited manner.

According to Paata Kvizhinadze, Chairman of the Finance-Budgetary Committee, which is one of the initiators of the bill, per the amendments, all liabilities admitted by a physical individual and incurred before January 1, 2021, for the specified period will be written off.

The draft law stipulates that the income received by the foreign enterprise registered in the country with favourable taxation and the partner person during the transfer of the ownership right to all assets (including shares) of the foreign enterprise registered in the country with favourable taxation to the Georgian enterprise before January 1, 2028, will be exempt from profit/income tax.

During the transaction period mentioned in the bill, import tax on assets/goods imported in Georgia will be waived. Also, a Georgian enterprise within this transaction from received assets will be exempt from property tax before January 1, 2030.