On the sidelines of the Constituency Meeting of the International Monetary Fund (IMF) and the World Bank Group (WBG) held in Luxembourg, Lasha Khutsishvili, Minister of Finance of Georgia, held a bilateral meeting with Gilles Roth, Minister of Finance of the Grand Duchy of Luxembourg.
During the meeting, the two sides reviewed the current state of cooperation in taxation and finance and reaffirmed their mutual commitment to further strengthening bilateral ties in these areas.
Minister Khutsishvili provided an overview of Georgia’s macroeconomic trends and forecasts, highlighting key developments and the country's commitment to continued economic stability and reform.
A major outcome of the meeting was the signing of a protocol amending the Agreement on the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to taxes on income and capital. The amendment aims to align the existing agreement between Georgia and Luxembourg with the OECD’s 2017 Model Tax Convention.
This updated legal framework is expected to:
- Enhance economic cooperation between the two countries,
- Improve tax transparency,
- Facilitate the exchange of information for tax purposes,
- And create a more favorable environment for cross-border investment and financial collaboration.
The protocol signing follows Georgia’s recognition by the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes, which on March 27, 2024, published Georgia’s peer review report. The report concluded that Georgia’s legal framework and practices in tax transparency and information exchange are in line with international standards, earning the country a rating of “Largely Compliant.”
