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Georgian Ministry of Finance sees decrease in mobilized income tax

Finance Materials 2 March 2021 17:39 (UTC +04:00)
Georgian Ministry of Finance sees decrease in mobilized income tax

BAKU, Azerbaijan, March 2

Tamilla Mammadova – Trend:

Georgian Ministry of Finance mobilized 319 million lari ($96.2 million) in income tax in January 2021, which is 64.2 million lari ($19.3 million), or 17 percent less comparing to January 2020, Trend reports via the ministry.

The income tax decline indicates a drop in the volume of paid wages in the country. In more detail, reduction of income tax by 64.2 million lari means that salaries are declined for more than 320 million lari ($96.5 million).

In Georgia, the income tax rate is 20 percent and it is paid by people employed on a contract basis.

In total, income tax of 319 million lari in January means that salaries of 1.56 billion lari ($470.5 million) were paid during the month. For comparison, the sum of salaries issued in January 2020 was 1.91 billion lari ($576.07 million).

The decrease in the volume of salaries paid in the country is in line with the Geostat assessment, according to which, the number of employees was 74,000 down in the country in 2020. Also, the number of unemployed persons increased by 53,000 to 308,000. Some 20.4 percent of the population is currently unemployed, the annual increase amounts to 3.8 percent.

Like the income tax, the budget revenue from VAT was reduced to 293 million lari ($88.3 million) in January. The annual decline is 14 percent.

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