President Vetoes GD’s Controversial ‘Offshore’ Law
Georgian President Salome Zurabishvili vetoed on May 3 recently passed controversial amendments to the tax code that would make it easier to bring offshore assets into Georgia.
The amendments, passed by the ruling Georgian Dream party under a fast-track procedure on April 19, offer a wide range of tax benefits to companies and individuals who decide to move their assets from tax havens to Georgia. The law, adopted amid the foreign agents’ law turmoil, sparked widespread backlash in Georgia with critics fearing it could turn Georgia into a hub for black money while allowing Georgian Dream’s billionaire founder, Bidzina Ivanishvili, and his cronies to evade potential Western sanctions.
“Vetoed the ‘offshore’ law and will keep vetoing any bill that contradicts Georgia’s European and Euro-Atlantic aspirations,” the President wrote on X. “Georgia’s identity is European, unshakeable despite any attempts to distort it.”
President Zurabshvili has recently stepped up her use of the veto against laws that she believes stand in the way of Georgia’s European integration. Georgian Dream needs a simple majority to override the veto, which the ruling party has done repeatedly.
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