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Georgia to support businesses amid new coronavirus restrictions

Business Materials 26 November 2020 21:37 (UTC +04:00)
Georgia to support businesses amid new coronavirus restrictions

BAKU, Azerbaijan, Nov. 26

By Tamilla Mammadova – Trend:

The government of Georgia has imposed further restrictions to curb the spread of the coronavirus in the country on November 26, however to ease the burdens for businesses and the public the government has also announced supportive measures, Trend reports via Georgian media.

Georgian Prime Minister Giorgi Gakharia announced that the government will extend the benefits for businesses for another six months as those announced six months ago have expired on November 1.

Government will again support employers to maintain jobs during the coronavirus crisis.

"Monthly salaries of 1,500 lari ($454.03) will be exempt from personal income tax for the portion of 750 lari ($227.01). The state will pay this tax. During the previous wave of coronavirus this support benefited 33,000 companies and reached 260 million lari ($78.6 million). We will continue this support for the next six months", said Gakharia.

Gakharia said that property tax for employees in the tourism sector will be abolished by 2021.

In May of the current year when the government announced support for the tourism sector, property and personal income taxes were deferred for four months for businesses operating in the sector. Now Gakharia said that the deferred income tax will be written off in full.

Gakharia also said that as the extremely affected' business in the country, the restaurant business will receive the most effective support as it had the hotels industry which is subsidizing the interest rates of the loans for six months.

"This phase four assistance portfolio, both targeted social as well as businesses will cost the state 1.10 billion lari ($332.9 million)", Gakharia said.

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