BAKU, Azerbaijan, Feb. 7
By Tamilla Mammadova – Trend:
The management of VAT (value added tax) in Georgia will become exactly the same as in the European Union (EU), said Georgian Prime Minister George Gakharia, Trend reports citing Georgian media.
According to Gakharia, this will contribute primarily to business development.
“We are considering a new reform in the form of legislative changes; this is the harmonization of VAT principles with the principles of the EU. The corresponding draft bill will be presented by the Ministry of Finance, and its main goal is to make VAT management in the country exactly the same as in the European Union,” Gakharia said.
According to him, the new legislation will help businessmen conclude more contracts, more quickly and efficiently realize opportunities that Georgia has thanks to the free trade regime with the EU.
This year will mark six years since Georgia and the European Union signed the Deep and Comprehensive Free Trade Agreement.
Currently, Georgia also has a free trade regime with China, Hong Kong and the countries of the European Free Trade Association EFTA (Norway, Iceland, Switzerland and Liechtenstein).
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