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Georgia’s new Tax Code qualified as “soft”2011-01-05 14:35
The New Tax Code took effect on January 1, 2011 in Georgia introducing a new classification of businesses and a new position - "taxpayers' ombudsman". The document is labeled "a soft draft".gt-en-newsitem-inside
The statement was made by Georgian finance minister Kakha Baindurashvili remarking that the new Tax Code considerably differs from the old one, a rather stringent set of laws.
As was reported earlier the new Tax Code stipulates a new specification of businesses in Georgia: micro-, small, medium and large. Micro-businesses refer to individuals with the annual turnover below GEL 30,000 and no employees. These businesses will enjoy total tax exemption. "Small businesses" refer to entities with GEL 200,000 or less as an annual turnover. These businesses will pay 3-5% taxes.
Besides, Georgia will have a tax ombudsman to provide annual reports on the situation with protection of taxpayers' rights to the financial and budgetary committee, as Caucasian Knot reports.