GD Legislates to Facilitate Asset Transfers from Tax Havens
On April 17, the Parliament of Georgia adopted the amendments to the Tax Code in an accelerated manner in the first hearing. The law relieves all natural persons from their recognized unpaid tax arrears incurred before January 1, 2021, and exempts from all taxes the transfer of assets from enterprises in tax havens to Georgian entities, provided this happens before January 1, 2028, and that both the offshore and recipient company are fully owned by the same Georgian owner.
The Georgian Dream tabled the bill during the heated session in parliament, debating the foreign agents’ law, which was decried by wide swaths of Georgian society and the country’s Western parers.
Some opposition MPs said there is a connection between the two bills; they say GD and its leader, Bidzina Ivanishvili, are hedging against the potential sanctions after passing the foreign agents law and trying to repatriate their assets. “At this very moment, unexpectedly, Georgian Dream submitted a bill to the Parliament, according to which Bidzina Ivanishvili [GD founder and honorary chairman ] will be allowed to import his property, shares, assets hidden in offshores to Georgia without paying taxes and bypassing the norms against the black money laundering,” opposition MP Roman Gotsiridze wrote.
Also Read:
- 17/04/2024 – Majority Votes for “Foreign Agents” Bill 83-0
- 08/04/2024 – PM Announces Large Tax Debt Relief Ahead of Elections
This post is also available in: ქართული (Georgian) Русский (Russian)
