After an in-depth study of the "offshore law" by the Expert Committee, "Manival," there were no remarks, confirming that the law is fully in compliance with international law, Parliament’s Finance and Budget Committee Chairman Paata Kvijinadze writes on social media.
According to Paata Kvijinadze, if anyone has benefited from this law, that is very good, as that was the purpose of adopting the law – to bring companies from offshore zones and attract more investments into the country.
"It should be noted that most offshore zones are under the jurisdiction, control, or influence of Europe and the US, where the US dollar and euro are used.
The law we adopted is a 'drop in the ocean'; we established temporary privileges. Specifically, if the owner of a share in a Georgian company is an offshore-registered company, and that person transfers those shares to Georgia, they will not be taxed with a 'one-time' transfer tax; they will be taxed normally afterward. Many countries have adopted similar legislation, and we made corresponding changes.
Last year, the radical opposition and the Council of Europe office in Georgia turned to the selected expert committee 'Manival' to assess the anti-money laundering and anti-terrorism financing measures related to the offshore law. After an in-depth study, 'Manival' sent a letter to Georgia stating that there were no remarks regarding the law, confirming that it fully complies with international law.
As for the issue of who benefited from the tax privileges and how, I don’t know, as this is a tax secret according to the law. Clearly, the radical opposition focuses on a particular individual based on their interests. If anyone has benefited from this law, I am happy about it. This is exactly what the law was meant for: to bring companies from offshore zones and attract more investments into the country. What's wrong with more money and assets coming into the country?" writes Paata Kvijinadze.
