Today, the Government of Georgia considered and adopted a positive decision on the resolution, which provides granting of international status for the companies.
Minister of Finance Vano Machavariani assures that obtaining the status will not be difficult. According to him, the company should be registered at the Revenue Service and the government will consider its proposal in the near future:
Which field of business will receive international status?
"Back in July, the concept of an international enterprise was established by the law and today we are further defining what activities it includes, counting restrictions and benefits. These are the IT sector and maritime services”, - the Finance Minister explains.
What are the benefits?
Ivane Machavariani says that enterprises with this status will have to pay profit and income tax of 5 per cent instead of 15 per cent and 20 per cent.
"There is a list of expenses that can reduce profit tax. In general, we are dealing with two types of expenses, one – a company can fully deduct the salary costs for a hired person, who is a citizen of Georgia and the second - design and expert construction costs for an international company by which they can reduce profit tax.
What criteria must the company meet to gain the international status?
“The company must have two years of working experience in the above mentioned fields, including representatives of non-resident enterprises in Georgia”, - the Finance Minister declares.
See all the news
All
Regional Statistics of COVID-19
მთის კურორტებზე არსებული ბიზნესი ხელისუფლებას შეხვდა - გეგა სალუქვაძე საქმის კურსში
შესაძლოა, ბაზრობები 15 თებერვლამდე გაიხსნას
“აჭარისწყალი ჯორჯიას” ახალი აღმასრულებელი დირექტორი ჰყავს
Fines for Violation of Traffic Rules in Azerbaijan Amounted to USD 55 MLN during Jan-Sep 2020
Key Highlights in Global and Regional Markets
Q&A: ADB
EASTERN EUROPEAN DNS FORUM WAS HELD IN GEORGIA
რატომ ვერ ვმართეთ კორონავირუსი? - #Forbesკვირა პროლოგი გიორგი ისაკაძე
Q&A: Ek Law Office
LVMH and Tiffany Agree on Lower Price for $16 Billion Takeover
Woman in Charge
Hualing FIZ: Four New International Companies to Establish Free Zone Businesses in Georgia
U.S. Investment Firm Asks Republic of Georgia for License to Mineral Rights on Block 12
Focus on Georgia - ADB
Focus on Ganja Gap in Nagorno-Karabakh’s Regional Conflict
Scientific Community Calls for Action Against Lockdowns
Georgian Government seize foreign-owned asset, referred to International Arbitration
Studying Abroad Costs Georgian Students €10,000–15,000
Franco Frattini - Georgia, straying from the rule of law