What tax benefits will be introduced for businesses - explanation of the Minister of Finance
Georgian Finance Minister Ivane Machavariani spoke after the meeting of the Coordination Council about the tax benefits that the Georgian government provides to businesses. According to the minister, the amendments to the Tax Code introduced by the Parliament made it possible to establish certain benefits for businesses.
"First, the benefits for income tax will again be extended for six months from December 1, 2020. Accordingly, the employer will have the right not to pay to the budget withheld and payable income tax on wages up to 750 lari paid to an employee, if the salary received by this employee from the same employer within one calendar month does not exceed 1500 lari. It provides for 550 thousand people employed in more than 42 thousand companies.
The second benefit that we can provide and make for business as a result of the changes is that over the next six months, from December 1, 2020, the possibility of collecting property rental tax, VAT on leasing services during the actual payment of the corresponding amount will be extended. It didn't require this benefit and this reprieve. We decided to introduce this benefit for six months, " said Ivane Machvariani.
According to the Minister of Finance, it was decided to write off the deferred income tax for the tourism industry in February-May 2020. According to him, we are talking about 20 million lari, and this decision will be used by up to a thousand companies.
Also, hotels located in Bakuriani, Gudauri, Goderdzi resort and Mestia, deferred income tax without interest in November and December 2020 until July 1, 2021.
apsny.ge
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What tax benefits will be introduced for businesses - explanation of the Minister of Finance
Georgian Finance Minister Ivane Machavariani spoke after the meeting of the Coordination Council about the tax benefits that the Georgian government provides to businesses. According to the minister, the amendments to the Tax Code introduced by the Parliament made it possible to establish certain benefits for businesses.
"First, the benefits for income tax will again be extended for six months from December 1, 2020. Accordingly, the employer will have the right not to pay to the budget withheld and payable income tax on wages up to 750 lari paid to an employee, if the salary received by this employee from the same employer within one calendar month does not exceed 1500 lari. It provides for 550 thousand people employed in more than 42 thousand companies.
The second benefit that we can provide and make for business as a result of the changes is that over the next six months, from December 1, 2020, the possibility of collecting property rental tax, VAT on leasing services during the actual payment of the corresponding amount will be extended. It didn't require this benefit and this reprieve. We decided to introduce this benefit for six months, " said Ivane Machvariani.
According to the Minister of Finance, it was decided to write off the deferred income tax for the tourism industry in February-May 2020. According to him, we are talking about 20 million lari, and this decision will be used by up to a thousand companies.
Also, hotels located in Bakuriani, Gudauri, Goderdzi resort and Mestia, deferred income tax without interest in November and December 2020 until July 1, 2021.
apsny.ge
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