01.Dec .2022 18:00

Gov't Plans To Collect Taxes Of GEL 16 BLN In 2023

Gov't Plans To Collect Taxes Of GEL 16 BLN In 2023
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The Ministry of Finance published the updated version of the 2023 budget. According to the document, the government plans to collect GEL 16.3 billion in taxes next year. This amount is GEL 337 million more compared to the draft budget.

The Value Added Tax plan increases the most by 244 million GEL, which should reach 6.7 billion GEL next year. The profit tax plan increases by 55 million GEL to 2 billion.

Tax Plan:

• Income tax - GEL 5,106,800,000, an increase of GEL 33,200,000 compared to the previous draft budget;
• Profit tax - GEL 1,945,000,000, an increase of GEL 55,000,000 compared to the previous draft budget;
• Value Added Tax - GEL 6,426,700,000, an increase of GEL 243,650,000 compared to the previous draft budget;
• Excise duty - GEL 2,100,000,000, change compared with the previous draft budget - 0 GEL;
• Import tax - GEL 125,000,000, an increase of GEL 5,000,000 compared to the draft previous budget;
• Other taxes - GEL 250,000,000, change with the second submission 0 GEL.

In addition, the government expects to get income tax of GEL 200 million from privatization next year, which is GEL 100 million less than the 2022 plan. Presumably, the reduction of the privatization plan is due to the fact that this year privatization cannot follow the determined plan. In 9M2022, a total of 157 million worth of state property was sold, which was 52% of the annual plan.