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New Tax Code Takes Effect in Georgia

2011-01-03 12:59

12013.jpegThe new Tax Code took effect on January 1, 2011 in Georgia introducing division of businesses into micro businesses, small businesses, medium-sized and big businesses. Besides, the Code envisages establishment of a tax ombudsman position in charge of annual reports on protection of rights of taxpayers to the financial and budgetary committee of the Georgian parliament.

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The new edition of the Tax Code was approved in parliament on September 17 with the opposition refusing to take part in the voting in protest. They insisted that the republic's main tax document include their remarks on lowered tax burden on profits of small business, profit tax exemption for real estate property sale transactions for properties owned for more than two years.

Simultaneously on January 1, 2011 the Customs Code was abolished with its provisions now integrated into the Tax Code. From now on importers, for instance, will pay the import tax not at the customs, but at the time of their tax declaration presentation, Caucasian Knot reports.

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