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Thursday, 20 October 2016


Micro-businesses to appear in Georgia in 2011

2010-09-17 17:11

7703.jpegToday the Parliament of Georgia endorsed the new Tax Code - Novosti-Gruzia: 73 votes for, without opposition which protested against it and  ignored it .

In the view of Saakashvili regime , the new Code will obstacle steady development of economy.

Most acute reaction was caused by "microbusiness" term. According to the new Code, physical persons with annual turnover below GEL 30 000 [USD 16 000] fall under this category and are fully free from taxes. Minor business - turnover below GEL 100 000 [USD 55 000] will have to pay VAT from 3 to 5 per cent.  

One more shocking message for opposition was introduction of 20-per cent income tax for selling real estate. Previously people, whose real estate was in use for 2 years or more, didn't fall under this rule.  

Now 20-per cent tax must be paid if real estate is sold with profit exceeding GEL 30 000 [about USD 16 000].

Amendments will turn valid on January 1st 2011.

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