04/04/2018
Today Georgia announced three new initiatives at the press conference held at the Ministry of Finance of Georgia.
First reform is unique not only for Georgia, but for the whole world, which will enable the entrepreneur to get rid of unnecessary bureaucratic procedures and will use only one tax document instead of 5. This will make tax administration much easier for our entrepreneurs and the business sector in general.
Additionally, Georgia will make changes concerning the problems seen in dealings between the micro and large business entities, which arise to to non existent tax documentation with micro businesses. Small agricultural workers will have the ability to trade their produce to larger businesses. Legislative norms will change, currently do not enable the members of micro business community to trade their product to the larger businesses.
Third reform which was announced today, is transforming Georgia into a regional financial center. We worked on one more new initiative, which will let foreign investors register their companies in Georgia, open bank accounts within the banking system. They will have the ability to manage their registered businesses in distance. E-residents will be able to take advantage of the liberal tax system and if they open an enterprise in Georgia, they will potentially become users of the free trade regimes, which have been implemented with China and European Union.
It was stressed, that listed new reforms will contribute towards the well-being of citizens and benefit the level of livelihood, moving one step closer towards establishing Georgia as the hub of the region.
