BAKU, Azerbaijan, Nov. 30
By Tamilla Mammadova – Trend:
The Ministry of Finance of Georgia has mobilized 229.7 million lari ($69.5 million) in revenue tax in October, which is 27.7 million lari ($8.3 million) or 10.8 percent less than in 2019, Trend reports via Georgian media.
A decrease in revenue tax points to a decrease in wages across the country.
More precisely, a decrease in revenue tax by 138 million lari ($41.7 million) is equal to a more than half a billion lari decrease in wages.
In Georgia, the revenue tax rate is 20 percent and it is paid by those who are employed through a contract. There is one more factor that affects this decreasing tendency: salaries up to 750 lari ($227 million) are exempt from the revenue tax and up to 1,500 lari ($454.03) salaries are partially exempt.
In total, in 10M2020, the volume of the revenue tax reached 2.45 billion lari ($741.5 million), which is 161 million lari ($48.7 million) less than in 2019.
As for the other taxes, VAT revenues have also declined, while revenues from profit and excise taxes have grown in absolute numbers.
In 10M2020 VAT has amounted to 3.2 billion lari ($968.5 million), 310 million lari ($93.8 million) less compared to the last year, and the profit tax for the same period of time has performed 62 million lari ($18.7 million) better compared to the last year, amounting to 797 million lari ($). Excise Tax has generated 1.2 billion lari ($363.2 million), which means 92 million lari ($27.8 million) annual growth.
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