The changes are to be introduced to the Tax Code envisaging reduction of the income tax for the petty business from 5% to 1% as considered by the Budget and Finance Committee with the II reading.
The limit recognizing the entity as a petty entrepreneur shall increase five times from 100 000 to 500 000 GEL.
The changes are to enter into force as of July, 2018. “It means that all 100% of the natural petty entrepreneur persons will enjoy the preferential taxation. The reform will cover up to 120000 entrepreneurs in Georgia”, - the Deputy Finance Minister, Lasha Khutsishvili stated.
The Committee Considered the alternative drafts by the Minority Factions on Tax Code, which have been rejected.
The Committee considered and approved the Change N5 to the Loan Agreement between Georgia and ADB of May 10, 2011 on urban service improvement investment program – project 1.