Electric Appliances Retailer Chain Shut over Tax Dispute

A company, operating Georgia’s largest electric appliances retail chain, said on August 21 it had to close down its stores as a result of tax dispute with the authorities.

JSC Elit Electronics said in a statement that it had been in court dispute with the Finance Ministry’s Revenue Service over “groundless tax claim of GEL 7 million” (about USD 4.1 million) since 2007.

“The court dispute is still ongoing,” the company said. “However, on August 21 a tax inspection has entered into the [company’s] retail facilities with a purpose to obtain disputed sum.”

The Finance Ministry has declined to comment.

The company operates over 35 stores under the Elit Electronics name and over dozen of stores under the Elit L name.

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