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Amount of value added tax paid by private sector down in Georgia

Finance Materials 23 October 2020 09:14 (UTC +04:00)
Amount of value added tax paid by private sector down in Georgia

BAKU, Azerbaijan, October 23

By Tamilla Mammadova – Trend:

As of the 9-month performance report of Georgia’s 2020 state budget, the amount of value-added tax paid by the private sector is 2.79 billion lari ($868.5 million), which is 106 percent of the adjusted budget plan for 2020, Trend reports via Georgian media.

As reported, the figure is 294.6 million lari ($91.7 million) down compared to 2019.

The VAT plan for 12 months of 2020 is 3.74 billion lari ($1.1 billion). For comparison, this amount is 300 million lari ($93.3 million) less than the 4.04 billion lari ($1.2 billion) mobilized in 2019.

However, sums mobilized in the budget from the income tax is reduced as well. It means, that the volume of paid salaries is declined.

In the first nine months of 2020, the amount of income tax amounted to 2.22 billion lari ($691.1 million), which is 133.6 million lari ($42.5 million) less compared to the same period in 2019.

However, the amount of profit and excise tax has increased.

The nine-month profit tax performance has increased by 70.3 million lari ($21.8 million) compared to the previous year and amounts to 744.3 million lari ($231.7 million). Excise revenue is 1.07 billion lari ($333 million) and the increase is 80.3 million lari ($24.9 million) year-on-year.

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