The Parliament discussed for the III reading and adopted the Draft Tax Code with 73 votes against 9.

The initiative of a group of MPs was introduced to the plenary by the Chair of the Budget and Finance Committee, Paata Kvizhinadze. Pursuant to the Draft, the indebtedness of the natural persons accrued before January 1, 2021, and the respective surcharges shall be written off.

As the reporter elucidated, by writing off the accumulated indebtedness, the Draft envisages supporting the natural persons, allowing them to, free of tax liabilities, resume their activity.

The Draft also stipulates that the incomes earned by the foreign enterprises registered in a tax haven and the partner natural person within the delegation of the property right on all assets (including the shares or stocks) of the foreign enterprises registered in a tax haven within the hereof transaction as of January 1, 2028, shall be exempted from the income/profit taxes; similar applies to the import of the goods, and the Georgian enterprise, regarding the assets earned within the hereof transaction shall be exempted from the property taxes as of January 1, 2030.

Per the information of the reporter, the Draft aims to encourage the transition of the assets from foreign enterprises to Georgia through the establishment of temporary tax reliefs.

The Draft is initiated by MPs Paata Kvizhinadze, Anton Obolashvili, Irakli Kirtskhalia, Bezhan Tsakadze, Zaal Mikeladze, Irakli Zarkua and Gogi Meshveliani.