06.Jul .2021 20:00

Government Increases Tax Plan by 720 Million GEL

Government Increases Tax Plan by 720 Million GEL
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The 2021 budget adjustment plan has been published, according to which the tax chapter of the budget of Georgia will increase by 720 million GEL, and it will reach 11.06 billion GEL.
 
Parliament will begin debating the revised version of the budget this week. According to the document, the country's economy will grow by 7.7% instead of 4.3% this year. Accordingly, the tax forecast in it also changes.

In more detail, the tax plan increase is as follows:
 
• VAT - increase 399 million GEL, updated forecast for 2021 is 4.74 billion GEL;
• Excise tax - increase of 218 million GEL, updated forecast for 2021 is 1.8 billion GEL;
• Income tax - increase of 90 million GEL, updated forecast for 2021 is 3.4 billion GEL;
• Import tax - increase of 3 million GEL, updated forecast for 2021 is 80 million GEL.
 
According to the document, the profit tax forecast plan remains unchanged and it still stands at GEL 951 million.