04.Jul .2022 15:00

Tourism Sector Was Exempted From Property Tax Of GEL 40 MLN

Tourism Sector Was Exempted From Property Tax Of GEL 40 MLN
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Business entities employed in the tourism sector (as well as in the sector equal to it) were exempted from property tax for 2021, - according to the Revenue Service of the Ministry of Finance.

The agency explains that the mentioned decision was taken by the Government of Georgia and this change will have a particularly stimulating effect on the promotion of small and medium-sized businesses in the conditions of economic losses caused by the COVID-19 pandemic.

"According to the initiative, an amendment was made to the Tax Code of Georgia (section 1151 was added to Article 309 of the Code), on the basis of which the taxpayers will be reduced in the tax liability in the property tax. More than 1,200 taxpayers will benefit from this and they will not have to pay approximately GEL 40 million," said the agency.

According to their reports, the following entities will benefit from the initiative: hotels and similar accommodation facilities; vacation and other short-term accommodation facilities; restaurants and mobile food service activities; beverage service activities; travel agencies, tour operators and other booking services and related activities.