GEL 806 million was collected in the budget in the form of VAT in January 2025, which was a decrease of GEL 7 million compared to January 2024,- according to a report published by the State Treasury. As of the assessment of former Prime Minister of Georgia Nika Gilauri, this decrease is a signal that the economic crisis in the country has already begun.
"VAT revenues has decrease to 1% for January 2025 compared to January 2024, while this indicator in January 2024 was 13.5% and in January 2023 - 23%. Considering that in 2024 the real economy grew by 9.4% and annual inflation was 2%, a decrease in VAT revenues of up to 1% only indicates that the economic crisis has begun and 2025 will be quite difficult.
According to the forecast of our company Reformatics, this year we will have negative growth and the lari exchange rate against the USD will rise to at least 3.1," said Nika Gilauri.
In January 2025, tax revenues and their annual change are distributed as follows:
Income tax - 836 million GEL, an increase of 17%;
VAT - 806 million GEL, a decrease of 0.9%;
Profit tax - 273 million GEL, an increase of 17%;
Excise duty - 110 million GEL, a decrease of 38%.
