21.Jul .2020 12:03

Profit tax paid by companies down 56% in June

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The profit rate of private businesses in the country has decreased due to the COVID-19 crisis. According to the figures released by the State Treasury, businesses, operating in the country, paid 32.6 million GEL in profit tax last month, which is 42.1 million GEL or 56% less comparing to the same period of 2019.

Like profit tax, VAT and income revenues have declined over the past month:

The amount of value added tax in the country decreased by 37.75 million GEL or 11.4% last month and amounted to 294.2 million GEL.

The amount of value added tax is directly related to the turnover of the business sector in the country, and its decrease by 11.4% on an annual basis indicates a sharp decline in economic activity in June.

However, the income from budget revenues has made up 197 million GEL, which is 17.45% less comparing to the same period of the last year. Respectively, decline of budget revenues indicates to the reduction of the volume of paid salaries.