Tax, Financial Amnesty Law Enters into Legal Force
A Law on tax and financial amnesty will be in force starting from January 25. The law, which was approved by the Georgian Parliament on December 24, 2004, envisages amnesty for those persons who evaded paying taxes before January 1, 2004, as well as legalization of undeclared property and finances.
As a result of enforcement of this law, around 250 criminal cases brought against those persons who were accused of evading taxes committed before January 1, 2004 will be terminated, according to the General Prosecutor?s Office.
But the law also gives a list of those persons to whom amnesty will not apply. The list includes a broad-range of state officials, as well as persons suspected of terrorism, arms trading, drug trading and trafficking.
The document obliges people to declare all property before the end of 2005. Declared property will be legalized only after the owner pays 1% of its cost to the state budget. The state guarantees the confidentiality of the process, according to the law.
