The Legal Packages on Accession to SEPA adopted with the III Reading
The Parliament approved with the III reading the legal package on the Accession to SEPA.
The package, developed with the initiative of the Government and in cooperation with the National Bank, includes the Draft Organic Law on the National Bank; the Draft Law on Activity of Commercial Banks; and the Draft Law on Tax System and Tax Service and the deriving legal changes.
The 1700-page legal package envisages changes to 21 Laws. The Drafts and the deriving changes were introduced by the Deputy Economic Minister, Irakli Nadareishvili. The changes serve as the precondition for the accession to SEPA. They conclude the standards and regulations that shall be assigned by a country aspiring to join SEPA. The changes allow the financial institutions in Georgia to operate in EURO with the same conditions, tariffs and regulations. The changes mean significant preferences for the citizens and businesses and facilitate the attraction of investments. The package is submitted for expedited consideration.