New Income Tax to be Launched on July 1 tis Year

New Income Tax to be Launched on July 1 tis Year

access_time2016-02-12 09:06:04

New details of  the income tax reform  have become known.  Finance Minister said after the Cabinet Meeting that the reform would  not apply to banks, insurance companies, microfinance organizations, entrepreneurial individuals and organizations who are legally prohibited from distribution of profits such as  legal entities and non-governmental sector.


When asked by "Commersant"  on  the  exceptions criteria, the Finance Minister said that these sectors do not really need the financial assistance at this stage  and accordingly, a 15% tax on profits will remain in effect for them .


The new income tax will  be launched from July 1. The reform  will reduce the budget revenues by  GEL 400 million, which the government will compensate by reducing administrative costs.


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