Parliament has adopted a bill granting tax benefits to the two biggest Georgian banks at the expense of the state budget.
According to the legislative amendment, the companies whose shares are traded on the international stock markets will be exempted from payment of tax to the budget. Currently, only three such companies are operating in Georgia, namely, Bank of Georgia, EVEX Medical Corporation it founded and TBC Bank.
Zurab Lalazashvili, a managing partner of BDO Group clarifies the abovementioned changes. In his words, the costs associated with access to international markets will be deducted from income tax. Lalazashvili notes that the change in the Tax Code was made based on the companies’ request.