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.