New Customs Tariffs Go into Effect

New customs tariffs will go into force starting from September 1, according to which number of tariffs will be reduced from the previous 16 to 3. In addition, customs tariff rates will be reduced to zero percent, 5% and 12% on remaining three tariffs.

Customs tariff rates before September 1 ranged from minimal 6% to 30%.

The government says the liberalized customs tariffs mean lower prices for the consumers and boosting investments.

?Custom dues on most of the products will equal to zero, except of most of the agricultural products and those products which are produced locally, so we do not want to create additional competition for locally produced products. This is very important decision of our Parliament and our government and I think that it will boost development of business in Georgia,? President Saakashvili said, while meeting with a group of businessmen on August 31.

According to the new rules, up to 90% of all imported goods are exempted from customs duties. This 90% includes non-agricultural products and raw materials, except construction material, which will be taxed with 12% rate.

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