Budget revenues from VAT are reduced by 295 million y-o-y

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22.Oct .2020 16:00

Budget revenues from VAT are reduced by 295 million y-o-y

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Author:Natia Taktakishvili

As of 9-month performance report of Georgia’s 2020 state budget, amount of value added tax paid by the private sector is 2.79 billion GEL, which is 106% of the adjusted budget plan for 2020, but the figure is 294.6 million GEL down comparing to 2019.

The VAT plan for 12 months of 2020 is 3.74 billion GEL. For comparison, this amount is 300 million GEL less than the 4.04 billion GEL mobilized in 2019.

However, sums mobilized in the budget from the income tax is reduced as well. It means, that the volume of paid salaries is declined.

In the first nine months of 2020, the amount of income tax amounted to 2.22 billion GEL, which is 133.6 million GEL less compared to the same period in 2019.

However, the amount of profit and excise tax has increased.

The nine-month profit tax performance has increased by 70.3 million compared to the previous year and amounts to 744.3 million GEL. Excise revenue is 1.07 billion and the increase is 80.3 million y-o-y.

State Budget Taxes