Tax Changes which will Save Millions for Large Banks

Tax Changes which will Save Millions for Large Banks

access_time2016-02-02 11:23:30

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.

 




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