BAKU, Azerbaijan, Sep.1
By Tamilla Mammadova – Trend:
The amount of income tax in Georgia in July amounted to 65.6 million laris ($21.4 million), which is 24.8 million laris ($8.1 million), or 27 percent less than in the same period in 2019, Trend reports citing the report of the Treasury of the Ministry of Finance of Georgia on budget execution for July 2020.
As reported, the decrease in income tax indicates a decrease in wages in the country.
The amount of value-added tax in July decreased by 136.2 million laris ($43.3 million) or 28 percent compared to the previous year and amounted to 348 million laris ($113.7 million). For 7 months of 2020, 2 billion laris ($653.6 million) was acquired in the form of VAT, which is 283 million laris ($92.4 million) decline compared to the same period in 2019.
The decline in VAT revenues indicates a decline in economic activity in the country.
As for the income tax, its volume in July amounted to 226 million laris ($73.8 million), which is 33 million laris ($10.7 million) or 13 percent less than in 2019. In Georgia, the income tax rate is 20 percent, and it is paid by contract workers.
---
Follow the author on Twitter: @Mila61979356