The Georgian authorities are planning to revise their tax policy that came into force in January 2021. The review will also include tax breaks. Changes to the tax policy and additional tax benefits are one of the main demands of the opposition and businesses. Today, Georgia has several tax incentives for small and medium businesses.
Presenting the government's program for 2021-2024, the Minister of Finance noted: «There will be no new tax incentives, and the existing ones will be revised considering their social and economic effect».
The practice of tax agreements with companies will also be revised. Due to the pandemic, more and more businesses are resorting to bankruptcy proceedings resulting in the development and the adoption of the law on "Rehabilitation and Collective Satisfaction of Creditors". The latter provides for the timely restoration of insolvent enterprises. As well as for a new regulated agreement procedure, which is a type of negotiating platform for businesses and its creditors.
The law came into force in April 2021.
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