Amended tax code to annul tax debts of 145,842 individuals was approved by the Parliament

Amendments into the tax code of the country that will see tax debts totalling ₾591 million ($221.53mln) written off for 145,842 individuals and establishment of temporary tax reliefs for certain transactions were approved by the Parliament of Georgia on Wednesday.
According to Paata Kvizhinadze, the Chair of the Budget and Finance Committee, all private entities, including individual entrepreneurs, would have their recognized tax debts incurred and unpaid before January 1, 2021 fully written off.
In addition, tax reliefs for transfer of ownership rights to Georgian enterprises for all assets of foreign enterprises registered in the country with preferential taxation until January 1, 2028 are also established by the amended code.
As the legislative body said, they would exempt the relevant operations from profit, income and property taxes. They would also exempt import of assets or goods into Georgia from import taxes within the scope of this operation and Georgian enterprises from property tax until January 1, 2030.

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