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Government Proposes Tax Amendments

The Finance Ministry submitted to the Parliament for approval amendments to the tax code, considering cancellation of the tax on land.

The proposal was one of the promises of presidential candidate Mikheil Saakashvili’s party National Movement.

“This will enable thousands of Georgian peasants to ease their lives. We will also liberalize taxation for the small business,” Mikheil Saakashvili told reporters today.

State Minister of Georgia Zurab Zhvania said at a news briefing today that the government also intends to propose other amendments to the tax code.

“From 1 July 2004 those physical persons, who possess fashionable apartments, villas and cars will have to pay tax. These funds will be transferred to the state budget and be used for the needs of the socially unprotected strata. We will implement very strict policy towards those persons, who own almost 90% of the funds circulating on the Georgian economic market,” Zurab Zhvania said on December 22.

However, he did not give other details of the proposal, saying that the amendments are being developed at the moment.

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