06.Dec .2021 16:30

How Much Will Tax Plan Increase For 2022?

How Much Will Tax Plan Increase For 2022?
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The third draft budget for 2022 is published. According to the updated version of the draft budget, budget expenditures will be increased by GEL 332 million to GEL 19,171,000,000. At the same time, the state budget revenues from taxpayers are grown by GEL 132 million and become GEL 13.4 billion.

The increase in the direction of individual taxes is as follows:

• Income Tax - increase of GEL 28.3 million and will amount to GEL 4.3 billion;
• Profit Tax - increase of GEL 59.6 million and will amount to GEL 1.62 billion;
• Value Added Tax - increase of GEL 33.1 million and will amount to GEL 5.4 billion;
• Excise Tax - increase of GEL 11.0 million and will amount to GEL 1.89 billion;
• Import Tax – increase of GEL 0.5 million and will amount to GEL 85 million;
• Forecast for other taxes has not changed compared to the previous and is set at GEL 130 million.

As for other budget revenues, it is distributed as follows:

•Debt - 4.35 billion GEL, including external debt totals to GEL 3.05 billion, domestic debt – GEL 1.3 billion;
•Grants increased by GEL 150.0 million and will amount to GEL 341.8 million;
•Receivables from privatization are not changed and amount to GEL 300.0 million.