Georgia plans to amend tax code in accordance with EU in 2021 | Eurasia Diary - ednews.net

8 April, Wednesday


Georgia plans to amend tax code in accordance with EU in 2021

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Georgian Ministry of Finance is working on amendments to the tax code to bring it closer to EU legislation and fulfill obligations taken on under the Association Agreement signed between Georgia and the EU in 2014, Eurasia Diary reports citing Agenda.

The amendments affect all the value added tax (VAT) regulations that are provided by the tax code.

Per the bill, the supply of the used goods, artifacts, collectible items or antiques might be taxed according to the profit margin.

Also, medical and educational activities and the related services will be exempted from the taxation.  

The Ministry of Finance says that the amendments to the tax code will have a positive impact on the taxpayers of the country. 

Specifically, the estimated benefit to businesses in the 10 years following the enactment of the bill will total 1,666,686 GEL (about $596,309/€550,399).

The amendments are planned to come into force in 2021.

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