Ministry of Finance Presents New Income Tax System at International Forum

Deputy Finance Minister Lasha Khutsishvili participated in a roundtable about the mobilization of domestic resources in partner countries and the Addis Ababa’s Tax Initiative in the framework of a United Nations high-level political forum last week, with the Deputy Minister sharing the Georgian experience.

The Addis Ababa Tax Initiative was established in 2015 between Germany, the Netherlands, the UK and the US governments, and yet it brings together more than 40 countries and organizations that have expressed their readiness to increase efforts in partner countries to support the mobilization of domestic resources. Georgia was one of the first to join the initiative and actively cooperate.

During the meeting, Khutsishvili spoke about Georgia’s activities regarding Base Erosion and Profit Shifting (BEPS) and named areas where the country needs help from donor countries. He also noted the importance of Georgia’s participation in current international projects like BEPS’ inclusive platform, which Georgia joined this June.

Involvement in this platform makes it possible for Georgia to have equal rights, along with the Organization for Economic Co-operation and Development (OECD) and G20 countries, in fighting tax evasion, as well as to be part of the BEPS' working group and the Global Forum’s Experts Group of Tax Transparency and Information Exchange.

Deputy Minister Khutsishvili reported on the already implemented tax reforms in Georgia and the new income tax system which will come into force from 2017. The Ministry of Finance claims that the organizers of the meeting marked Georgia’s involvement in international projects and the progress achieved by the tax reform.

Eka Karsaulidze

26 July 2016 11:49