Georgia closed 2025 with tax revenues slightly above target, according to the budget execution report published by the Treasury under the Ministry of Finance. While the state budget projected GEL 21.94 billion in tax collections, actual revenues reached GEL 21.96 billion, surpassing the plan by GEL 17.5 million.
Most major tax categories performed close to expectations. Profit tax collections fully met the target while excise taxrevenues exceeded projections by a notable margin, reaching 103% of plan. Import duties also outperformed expectations at 101%, reflecting resilient trade-related revenues.
By contrast, personal income tax and value added tax (VAT), the two largest revenue sources, fell marginally short of their targets, achieving 99.6% and 99.9% of planned levels, respectively. Revenues from other taxes showed the weakest performance, reaching 96.4% of the forecast.
Beyond taxes, the state budget benefited from stronger-than-expected proceeds from privatization and other non-financial asset sales. Total receipts in this category amounted to GEL 345 million or 115% of the planned figure. A significant share of this income, GEL 125.7 million, came from fees paid for 5G radio spectrum licenses.
Financing through government borrowing also largely met expectations. The state raised GEL 1.58 billion via the issuance of treasury bonds and obligations, achieving 99.3% of the annual plan. External debt issuance reached GEL 1.5 billion, corresponding to 98% of the target.
Overall, the Treasury’s data indicate a broadly balanced budget execution in 2025, with tax revenues meeting expectations, stronger-than-planned privatization income.
