Newsletter V: Initiatives and legislative amendments for promoting business activities in Georgia

May 2016
Amendments to the Tax Code of Georgia
A new of  set of  amendments  to the Tax Code of Georgia, dated May 13, 2016,  directed towards the reforming  the income tax and  simplification of  tax administration, entail a number of significant changes, namely:

  • During the tax dispute,  the seizure of bank accounts may be commenced only in accordance with court decision;
  • Importation of the main instruments  intended for  VAT  levying operations shall be exempt from  VAT tax;
  • Tax  liabilities levied before 2011 and tax sanctions  imposed  before 2013  shall be written-off  for  the benefit of approximately 100 000 tax payers;
  • Taxation control shall be performed only by a tax authority;
  • An income tax reform, entering into force from January 1st, 2017, envisions  the taxation  of distributed income only;

    Full version found here: 16

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