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Georgia reveals volume of tax revenues loss

Finance Materials 10 September 2020 17:22
Georgia reveals volume of tax revenues loss

BAKU, Azerbaijan, Sept.10

By Tamilla Mammadova – Trend:

The loss of tax revenues amounted to 330 million laris ($106.2 million) in the first eight months of this year, compared to the same period last year in Georgia, said Deputy Finance Minister, Giorgi Kakauridze, Trend reports via Georgian media.

He made the remark at a meeting of the Parliamentary Finance and Budget Committee on the execution of the state budget.

As for the expenditure side of the budget, according to Kakauridze, at the moment 9.5 billion laris ($3.05 billion) has been spent, which is 81 percent of the estimates.
According to him, tourism revenues fell by 78 percent in the first eight months of this year, a decrease of about $1.8 billion compared to the same period last year.

Kakauridze stressed that the biggest blow was dealt to the tourism sector of Georgia due to the coronavirus.

“Consequently, tourism revenues are significantly reduced. In 6 months, we had a total of $456 million in tourism revenue. For 8 months, this figure was $483 million. There is practically no reduction in remittances. For 6 months, remittances amounted to $662 million, and the decline is about 5 percent. For 7 months, the number of money transfers amounted to $829 million,” Kakauridze said.

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