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Parliament Approves New Tax Code in First Hearing

On October 28 the Parliament of Georgia approved 28 the new tax code in the first hearing with a 124 to 19 vote.  
 
“Adoption of the new tax code means a real economic revolution in the country,” Georgian Finance Minister Zurab Nogaideli said while presenting the draft to the parliamentary session on October 28.
 
According to the new tax code, only 8 out of 22 taxes will remain in force. The rates of some of the taxes will also be reduced as well. In particular, the social tax will be reduced to 20% from the current 33%; income tax – from 20% to 12%, value added tax – from 20% to 18%. The profit tax, however, will remain at 20%.

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