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

Amendments into the tax code of the country that will write off tax debts totalling ₾591 million ($221.53mln) for 145,842 individuals and establish 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, they will fully write off the recognized tax debts incurred and unpaid before January 1, 2021 of all private entities, including individual entrepreneurs.
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, the relevant operations would be exempted from profit, income and property taxes. They will exempt import of assets or goods into Georgia from import taxes within the scope of this operation, and they will exempt Georgian enterprises from property tax until January 1, 2030.

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