Automatic VAT refund system to be launched in Georgia

2020/11/78454-1605515700.jpg
Read: 1039     11:00     16 Ноябрь 2020    

More than 150,000 taxpayers, including small businesses, will benefit from the introduction of the new program. Starting from November 17, 2020, taxpayers will be able to fully reimburse surpluses arising from the payment of value-added tax, according to the revenue Service of the Ministry of Finance of Georgia.

The Agency noted that a new software is being launched, thanks to which the refund of overpaid VAT will be made automatically, without a request, to the Bank account specified by the taxpayer.

"As a result of this initiative, more than 150,000 taxpayers will benefit in total, and more than one billion lari will automatically return to the country's economy every year, which will be a significant incentive for business," the revenue Service said.

Increasing the volume of VAT refunds to taxpayers is one of the parts of the Georgian government's anti-crisis plan. For these purposes, the state budget for 2020 provided for the allocation of an additional 600 million lari to the already planned 600 million.

A quick, easy and unhindered refund of excess VAT will be especially important for the development of small and medium-sized businesses and the preservation of jobs.

Sputnik-georgia.ru





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Automatic VAT refund system to be launched in Georgia

2020/11/78454-1605515700.jpg
Read: 1040     11:00     16 Ноябрь 2020    

More than 150,000 taxpayers, including small businesses, will benefit from the introduction of the new program. Starting from November 17, 2020, taxpayers will be able to fully reimburse surpluses arising from the payment of value-added tax, according to the revenue Service of the Ministry of Finance of Georgia.

The Agency noted that a new software is being launched, thanks to which the refund of overpaid VAT will be made automatically, without a request, to the Bank account specified by the taxpayer.

"As a result of this initiative, more than 150,000 taxpayers will benefit in total, and more than one billion lari will automatically return to the country's economy every year, which will be a significant incentive for business," the revenue Service said.

Increasing the volume of VAT refunds to taxpayers is one of the parts of the Georgian government's anti-crisis plan. For these purposes, the state budget for 2020 provided for the allocation of an additional 600 million lari to the already planned 600 million.

A quick, easy and unhindered refund of excess VAT will be especially important for the development of small and medium-sized businesses and the preservation of jobs.

Sputnik-georgia.ru





Tags: