BAKU, Azerbaijan, July 21
By Tamilla Mammadova – Trend:
The profit rate of private businesses in the country has decreased due to the COVID-19 crisis in Georgia, Trend reports with reference to the State Treasury.
According to the report, businesses, operating in the country, paid 32.6 million lari ($10.6 million) in profit tax in June, which is 42.1 million lari ($13.7 million) or 56 percent less comparing to the same period of 2019.
VAT and income revenues have also declined over the past month, said the report.
During the reporting month, the amount of value added tax in the country decreased by 37.75 million lari ($12.3 million) or 11.4 percent and amounted to 294.2 million lari ($96.2 million).
The amount of value added tax is directly related to the turnover of the business sector in the country, and its decrease indicates a sharp decline in economic activity in June.
The income from budget revenues has made up 197 million lari ($64.4 million), which is 17.45 percent less comparing to the same period of the last year. Respectively, decline of budget revenues indicates the reduction of the volume of paid salaries.
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