New Tax Code Adopted

(Tbilisi. March 28, 2003. Civil Georgia) – The Parliament adopted draft of the new tax code with the first hearing on March 28 with the 109 votes.

The draft law, which is proposed to the Parliament by the Industrialist faction, considers liberalization of the tax code.

The Industrialists faction believes that the implementation of the proposed draft would decrease shadow economy in the country.

The draft considers reduction of number of taxes from 18 to 4.

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