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Gov’t Proposes ‘Tax-Free Zone’ for IT Companies... PDF Print E-mail
Monday, 21 June 2010 18:33

The government has proposed to turn Georgia into “a tax-free zone” for information technology companies, PM Nika Gilauri said on June 18. The move aims at attracting IT giants to invest in Georgia and to open their branches in the country and to turn Georgia “into IT hub”, Kakha Baindurashvili, the finance minister, said. According the government proposal, which has yet to be approved by the Parliament, tax exempts will also apply to local IT companies, Niko Mchedlishvili, the PM’s spokesperson announced.

 
Information about current project of River Khram... PDF Print E-mail
Monday, 14 June 2010 17:40

The Ministry of Energy of Georgia has announced the interest expressions of the Design and Feasibility Assessment of Optimal Scheme of Medium-Size Hydropower Plants. Based on the information of the ministry of Energy of Georgia, Engurhesi Ltd intends to announce a tender on consulting services for the Design and Feasibility Assessment of Optimal Scheme of Medium-Size Hydropower Plants on River Khrami. Within the frameworks of consulting services the works under the consultancy assignment are planned to be performed in two stages: Feasibility Assessment of the selected scheme of HPPs including Environmental Impact Assessment. Interested companies are invited to present the interest expressions letter. Based on this invitation, there will be sent the formal invitations to several qualified companies in order to express its tender proposals.

 
Information about development of National Centre for State Internal Control... PDF Print E-mail
Thursday, 10 June 2010 17:39

On June 9 of the Current year, at Hotel “Courtyard Marriott”, presentation of National Centre for State Internal Control was held, which was opened by Deputy Minister of Finance Irakli Siradze. According to the statement of the Head of the Centre-Levan Churadze, the main functions of the centre will be internal control of the state, which is the demand of European Union. As of his words former General inspections at state institutions will be changed into Internal Services of Audits and their priorities will be: Monitoring of effectiveness of decision making system of managers at the Ministries, implementation of those decisions and transparency of management and control of financial system.

Audits will be functioning at: Ministries, Self-governing institutions, governments of autonomous republics and at institutions where are Public Law Legal Entities. Apart from that, audits will be in those companies, who think that financial management and control should be transparent.

Internal audits should start functioning until June 26 and they are accountable to Ministries, after report will be presented to National Centre for State Internal Control. National Centre for State Internal Control is accountable to the Ministry of Finance and Government and quarterly will present report to them.

National Centre for State Internal Control was created on May 1 of the current year as PLLE on a base of presidents decree N215.

 
Information about the discussions around new tax code... PDF Print E-mail
Tuesday, 08 June 2010 14:27

On 3 June 2010 the Georgian Prime Minister Nika Gilauri introduced a new Tax Code to businessmen at Tbilisi Marriott Hotel.

"I want to say some prelims and advise you how the idea of drawing up a new TaxCodeappeared.
It is well known that the main objective of the Government is support of private sector. Our economic policy is directly oriented and built thereon - support of the private sector, maximum effective government and private sector which is effective, investors who are active, who make profit in Georgia and create jobs, employ our co-citizens. This is our simple philosophy. We did much to achieve such goals during the last years. 
We suggest a new Tax Code. I want to listen to your remarks to the maximum extent. The web-page will be available where everyone will be able to look through the changes made to the Tax Code. We'll create a Task Group to be working together with the private sector. I want to introduce Giorgi Pertaia to you. He was appointed to the position of the Prime-Minister Adviser, Business-Ombudsman. When the discussion touches your views concerning the Tax Code, he will be the only contact person in relation with the private sector", said Nika Gilauri.
According to the Prime-Minister, the New Tax Code provides that no tax will be imposed to businessmen with turnover less than 30 thousand lari. And those who have turnover less than 200 thousand lari, they'll have to pay only freight turnover tax less other taxes.
According to Nika Gilauri, the said amendments aim at simplification of business representatives' relation with tax authorities. Businessmen will be able to pay 3 or 5 percent of freight turnover. If a businessman duly keeps accounting he will pay a 3% tax, and in other cases - a tax will be 5%. 
One of the main novelties is that no penalty will be imposed to a person who assesses taxes in line with instructions of the administrative authority.
In compliance with the new Code, a particular penalty will be imposed for a detected non-registered unit whereas in case of a violation detected by the tax authority during stock-taking the tax authority was entitled to protract a penalty for two years.
As the Prime-Minister says the Customs Code and the Tax Code will be embodied. And sums will be returned automatically if payment is effected via any electronic system. 
Board of Auditors consisting of five members will be created presided over by the Finance Minister. According to the Prime-Minister, a tax authority should get permission from the Board of Auditors to impose a new tax. VAT will be paid on quarterly basis. This is similar to a two month interest-free loan. For the first time this new Tax Code will enable a taxpayer to write off a damaged product. 
"We want to increase dues for gambling business and tighten control over alcoholic beverage. We are trying to build a fair policy. We want to simplify a tax life of business and, on the other hand, equally allocate a tax burden among all business sectors", added the Prime-Minister of Georgia.

 
Information about significant amendments in tax code... PDF Print E-mail
Monday, 07 June 2010 17:41

On June 2 of current year, The Finance minister Kahka Baindurashvili has announced the prepared amendment in tax code to business association members. The changes prepared by the Ministry of Finance foresee lots of privileges and the simplifying of tax obligation engagements for businessmen. “The goal of new legislation is the offering of more simplicity, freedom and reliability to business sector,”- announced Kakha Baindurashvili. Business Association has intensively cooperated with the Ministry of Finance during the last period and has presented its private commentaries and suggestions. On June 1, the ministry of Finance held the first public meeting with nongovernmental sector on a same issue. Kakha Baindurashvili plans the meeting with small entrepreneurs and merchants as well. Tax Code is changing by 98%. For public discussion of those changes, ministry is beginning series of meetings. As it has been promised, changes deal with small business. It will be present tree different regimes of taxation to them. Its worth to note that, system of monthly declaration has changed in quarterly declaration, which will be privilege for business.  Tax and customs cards will become unified. According to Changes, institute of Tax ombudsman is legitimated. While working on changes, we have foreseen euro directives and we wish working document to pass an expertise at Georgian Nongovernmental and Business sectors”.-said Minister of finance Kakha Baindurashvili. New tax code will be submitted to Georgian parliament for consideration and juridical approval after the public considerations and consultations.

 
The Modernization of Sarfi Customs Began… PDF Print E-mail
Saturday, 29 May 2010 00:00

Works for modernization of Georgian Sarfi customs are conducted at a much faster speed. According to the project, custom will be expanded in accordance with the modern international standards. After Turkish side finished custom construction, Georgian custom construction will finish in 9 month, based on which the capacity will triple, custom procedures will became simpler and better service will be provided for transporters and tourists. In order to discuss issues concerning construction and avoid all difficulties for the process of crossing the border, on May 29 was held meeting between the head of government Levan Varshalomidze and governor of Artvin. Georgian general council in Trabzon, representatives of Adjara and Artivin and general secretary of International Investors Association attended the meeting. During 24 hour of construction, loaded trucks will be served. Due to avoid difficulties for tourists, empty trucks will cross border only in night hours.

 
The meeting held with the representatives of Export Promotion Service in the office of International Investors Association of Georgia... PDF Print E-mail
Friday, 28 May 2010 00:00

On May 28 of current year, the meeting was held with the representatives of Export Promotion Service in the office of International Investors Association of Georgia. The head of Export Promotion Service Mr. M. Kobaladze and the projects expert of German Technical Support Society(GTZ) Mr. A. Reva have discussed the development opportunities of bilateral cooperation and the implementation of joint arrangements  with the General Secretary of International Investors Association of Georgia Mr. Tamaz Shavadze. The German Technical Support Society helped the Export Promotion Service of the National Investment Agency in carrying out the future plans. New mechanisms have already been implemented in order to secure the fruitful work of Export Promotion Service. Trade web-portal was created with the support of HSBC Bank. Export Info Center has also started functioning; a special “Help Desk” for incoming questions has also been created; participation in international trade exhibition and execution of business-forum is also being planned; foreign trade missions will visit Georgia; issue of monthly informational brochures is also planned. The parties also discussed the opportunities of organizing the joint seminar in Batumi which will be promoted by International Investors Association of Georgia and the American experts will be invited there.

 
On May 25th was held Official Groundbreaking Ceremony of Forum Batumi Shopping and Lifestyle Center... PDF Print E-mail
Thursday, 27 May 2010 12:18

Georgian International Investors Association members took part in Groundbreaking official ceremony of Forum Batumi Trade Center. The first stone was put in by Georgian President Mikheil Saakashvili and the head of Autonomous Republic of Adjara Levan Varshalomidze. Trade Center will be constructed along new boulevard territory with 120 MLN US dollars investments which will be implemented by “Turk-Mall” Company. The contraction process will finish in 2 years and world level brands will be sold in it.

 
Open ceremony for Lech and Maria Kaczynskis Street in Batumi... PDF Print E-mail
Tuesday, 25 May 2010 00:00

Open ceremony for Lech and Maria Kaczynskis Street attended Georgian International Investors Association members. The street was opened by Georgian President and near relatives of Polish President were attended. Lech and Maria Kaczynskis Street is located at the territory of the new boulevard. 

 

 
26th of May is Georgian Independence Day... PDF Print E-mail
Wednesday, 26 May 2010 00:00

Georgian International Investors Association congratulates Georgian citizens on such a remarkable day and wishes prosperity, success and economical development.

 

 

 
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