The Sector Economy and Economic Policy Committee discussed with the II reading the Draft Law on Motor Transport, introduced by the Vice-Speaker, Archil Talakvadze.
The Draft determines the concept of the classic car and introduces a new Article binding the Government to adopt a respective normative act with a detailed stipulation of the criteria for the classic cars and the basis for granting this status; the Draft also regulates the issues related to the exploitation of the hereof vehicles.
“We introduce the European regulations related to the classic cars and it is important that from now on, the legislation will ensure the categorization and protection of this segment. The classic cars are attributed to a standalone segment in Europe, Great Britain and the USA and fall under the special preferences and even are exempted from respective taxes since the classic cars shall not be attributed to the daily transport means but considered as a part of the culture, tourism, economy and advertising business. We can also recall numerous significant events in Georgia when the classic cars were used for this very purpose,” he clarified.
The respective amendment is to be introduced to the Tax Code. The Committee approved the DRft.