The Committee discussed for the I reading and in an expedited manner the Draft Tax Code, envisaging the write-off of the tax indebtedness accrued to the natural persons and the establishment of the temporary tax reliefs for certain transactions. Pursuant to the Draft, the indebtedness accrued to the natural persons before January 1, 2021, and respective surcharges shall be written off.

According to the Chair of the Committee, Paata Kvizhinadze, the natural persons include: a natural person failing to pay taxes; the individual entrepreneur; and small and micro-entrepreneurs. Per his information, the amendment applies to 145 842 tax-payer natural persons and the amount for write-off constitutes 591 458 571 GEL.

The Draft also establishes tax reliefs for the transactions of the transmission of the property right on all assets of the foreign enterprise registered in a tax haven country to the Georgian enterprise, which shall be ensured as of January 1, 2028, namely, respective transactions shall be exempted from the profit, income and property taxes; besides, the import of the assets/goods to Georgia within the hereof transactions shall be exempted from import taxes.