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Georgia not to revise 2021 budget

Business Materials 16 April 2021 18:52 (UTC +04:00)
Georgia not to revise 2021 budget

BAKU, Azerbaijan, April 16

Tamilla Mammadova – Trend:

The Georgian government will not revise the parameters of the 2021 budget, said Minister of Finance Lasha Khutsishvili, Trend reports via Georgian media.

The 2021 budget is projected by the government, based on 4.3 percent of economic growth. If the economic activity is lower, the tax revenues will be lower. However, Minister of Finance Lasha Khutsishvili said that so far there is no threat to the budget execution.

The tax revenues of the 2021 budget are estimated at 10.34 billion lari ($3.01 billion). Of this, the forecasted volume of VAT is 4.34 billion lari ($1.2 billion), the projected volume of profit tax is 951 million lari ($277 million), and the volume of income tax is 3.31 billion lari ($964.1 million).

"The IMF estimates the expected results of economic growth, in this case 3.5 percent - it depends only on the expectation of how the tourism sector will recover this year. This assessment of the IMF, I am sure, will change over the year and I hope it will be positively reviewed. The situation is very dynamic and rapidly changing and I understand that it is very difficult for them to make predictions. Such was the case last year, when expectations were repeatedly changed," Khutsishvili said.

According to Khutsishvil, today there is no sign that the execution of the budget can be endangered.

"On the contrary, we have more expectations. We do not plan any kind of changes yet," Khutsishvili said.

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