President vetoes amendments to Georgia’s Tax Code

19:00, 03.05.2024

The President of Georgia, Salome Zourabichvili vetoed the amendments to Georgia’s Tax Code, the President’s Office said on Friday.

The Parliament adopted the amendments in the third reading on 19 April.

The amendments relieve all natural persons of their recognized unpaid tax arrears incurred before January 1, 2021, and debts and fines at the time of write off.

The draft law stipulates that during the transfer of ownership rights to all assets (including shares) of a foreign enterprise registered in a country with preferential taxation to a Georgian enterprise before January 1, 2028, the revenue received by a foreign enterprise registered in a country with preferential taxation and a partner natural person is exempted from profit/income tax.

According to the draft law, the import of the asset/goods under the said framework to Georgia is exempted from import duties; the Georgian enterprise is exempted from property tax, until January 1, 2030.

By - Marika Kartozia

Politics

amendments to Georgia’s Tax Code

president Zourabichvili