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Georgian Oil and Gas Corporation plans the construction of oil refine factory in Georgia ... PDF Print E-mail
Wednesday, 07 July 2010 17:32

Georgian Oil and Gas Corporation plans the construction of oil refine factory in Georgia. The corporation has announced the expression of interest within the planning-construction of oil refine factory. Consultant has to study the technical and economical opportunities of oil refine complex’s construction, which has to satisfy the financing demands of international financial institutions. Particularly, market analysis, determination of supply opportunities, determination of produced petroleum volume, estimation of profit and expenditure, the analysis of alternative decisions, risk analysis, development of Business plan and financial model, the estimation of infrastructure and service concerning the project, conceptual planning. Technical-economical substantiation prepared by consultant has to present the information about the estimation of possible influence of project on geographical environment, subscribe of legislative limitations and regulations and the enough information for forming of the tender documentation for further detailed projecting and construction.


Based on the information of Georgian Oil and Gas Corporation, oil refine factory of Georgia does not work currently properly, country depends completely on imported oil products. Increasing demand on oil commodities on local and regional market and development of infrastructure creates the basis for existence of oil refine complex. The delivery of proposal will be able till 15 July.

Meeting with Export Promotion Service ... PDF Print E-mail
Saturday, 03 July 2010 14:09

On July 2nd of current year in office of International Investors Association was held meeting between exporters and head coordinator of Export promotion Service of the national investment agency Mr. Mikheil Kobaladze, commercial attaché of European Union representation Ms. Virginia Kosoul, The German Technical Support Society representative Mrs. Aleksandra Operman and Alexander Revia. At the meeting were attending Commercial attaché Of Turkish republic in Batumi Volkan Berker, Chairman deputy of International Investors Association Cezmi Akshahin, Chairman of Trustee Board Mr. Levan Shervashidze, The head of Certification and licensing department of Finance and Economic Ministry, trustee from Ministry of Agriculture, 32 exporters and mass media representatives.

At the meeting were presented presentations of Export Promotion Service and trade relationships between Georgia and European Union by Commercial attaché of European Union.

Timely solution of all issues of the meeting raised by exporters will lead to easier work and growth of export volume.

Export Promotion Service in nearest future will put in motion new trade web-portal and export info center due to promote making contacts between local entrepreneurs and foreign buyers.

Vera Kobalia will administer the Ministry of Economy and Steady Development... PDF Print E-mail
Tuesday, 06 July 2010 13:17

The Prime-Minister of Georgia Nika Gilauri introduced the new Minister of Economy and Steady Development – Vera Kobalia to the employees on July 3. Nika Gilauri expressed his hope that Vera Kobalia will be the Minister who will successfully run the Ministry for many years. The Prime-Minister noted that the country has great achievements in terms of economic development but there are still two serious problems – inflow of investments and the pace of privatization processes. “These are the two mainstream directions of the Ministry of Economy and Steady Development and this will be the main objective of the newly appointed Minister,” – Gilauri said. The Prime-Minister wished luck to the new Minister and also talked about her path – Kobalia worked abroad; she comes from the private sector and understands the investment issues well. This will help her to enlarge the business sector in the county and accelerate the privatization process. The Prime-Minister also thanked the former Minister of Economy for his work. The newly appointed Minister of Economy and Steady Development Vera Kobalia said that there is a lot to be done in a short period of time so it is important to work actively: “If we want to be tourists in our own country, we can do nothing and let the occupants rule our country, but I am sure that we don’t want this. We are hardworking people; my colleagues and I will even work on weekends to improve Georgian economy, strengthen small business, and introduce many investors and tourists to our country. I shall speak about the improvement of the economy until every single person has a normal life” – Vera Kobalia said. The Minister named employment as her number one priority but also talked about the importance of developing agriculture in order for the production not only to be exported abroad but also take its significant place on the local market. Attracting investments is also very important; the investors should be offered programs worked out beforehand. The Ministry must accelerate privatization processes and develop tourism. Vera Kobalia was born on August 24, 1981 in Sokhumi. She moved to Canada after the war in Sokhumi where she spent last 15 years. Vera Kobalia worked on managing positions in Canadian business-companies and different nongovernmental organizations. She returned to Georgia in February, 2010 and became the leader of “Coalition for Justice” organization. The new Minister of Economy and Steady Development names employment, development of tourism and small business as her number one priorities. The President of Georgia Mikheil Saakashvili talked about the changes in the government structure in June 26 and the Prime-Minister introduced the new government team on a plenary sitting on July 2. The main priority of the new team will be defeating poverty. The government of Georgia expressed its trust to the new program.

Information... PDF Print E-mail
Thursday, 01 July 2010 13:02

New commercial attaché Volkan Berker started to attend his duties at general consulate of Turkish Republic in Batumi. On June 29 of current year was held meeting with Volkan Berker attended by International Investors Association Chairman Deputy Cezmi Akshahin and General Secretary Tamaz Shavadze. This meeting was an acquaintance with each other. International Investors Association congratulates commercial attaché Mr. Volkan Berker on starting work on new position and wishes success to develop deeper relationships between two countries.

An agreement between the Ministry and Broking Companies was signed in order to accelerate the privatization process... PDF Print E-mail
Wednesday, 23 June 2010 12:44

An agreement between the Ministry of Economic Development and Real Estates Companies was signed in order to accelerate the privatization process of the state properties. The Deputy Minister Grigol Gobejishvili was the one to sign the agreement from the Ministry’s side. The agreement was signed with seven broking companies, particularly: ind. entrepreneur “Rusudan Meifariani” (realtor,)   ind. entrepreneur “Mariam Khutsishvili,” LTD “Privateservice,” LTD “Real Estate Service,” non-profit legal entity “Association of Real Estates of Georgia,” LTD “Buruka” and LTD “Erdo.” According to the announcement of the head of State Propery management and Privatization Department Giorgi Bakradze, the agreement is very important because it implies the participation of broking companies in the privatization process. All this will make these processes more efficient. “In case if the private companies find potential clients or investors for the privatization items, individual agreements will be made between the Ministry and the representatives of these companies,” – Bakradze said.

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.

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