29.Nov .2020 19:00

Tax Dynamics in October 2020

Tax Dynamics in October 2020
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In October the Ministry of Finance of Georgia has mobilized 229.7 million GEL in revenue tax, which is 27.7 million GEL 0r 10.8% less than in 2019. Decrease in revenue tax points to a decrease in wages across the country.

More precisely, decrease in revenue tax by 138 million GEL is equal to a more than half a billion GEL decrease in wages.
In Georgia revenue tax rate is 20% and it is paid by those who are employed through a contract. There is one more factor that affects this decreasing tendency: salaries up to 750 GEL are exempt from the revenue tax and up to 1500 GEL salaries are partially exempt.

In total, in 10M20, the volume of the revenue tax reached 2.45 billion GEL, which is 161 million Gel less than in 2019.
As for the other taxes, VAT revenues have also declined, while revenues from profit and excise taxes have grown in absolute numbers.
In 10M20 VAT has amounted to 3.2 billion GEL, 310 million GEL less compared to the last year, and the profit tax for the same period of time has performed 62 million GEL better compared to the last year, amounting to 797 million GEL. Excise Tax has generated 1.2 billion GEL, which means 92 million GEL annual growth.