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Many companies will use the tax breaks by moving business from offshore zones - Levan Vepkhvadze

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Executive Director of the Georgian Business Association, Levan Vepkhvadze declares, that he has communicated with a number of companies registered offshore, and they are studying the possibility of transferring their assets to Georgia.

"With this norm, we are talking about the case when companies are allowed to transfer their assets and capital to the Georgian jurisdiction and thus expand their activities within the country. The fact is, we are a business association and any tax incentives that can increase business investment activity are always welcome. However, it is a fact that the discussion regarding this norm acquired a political context and became part of the political debate. We cannot enter into this debate. We follow very rationally and pragmatically. We see that the majority of parent companies are registered offshore, but it should be emphasized that 99% are "white offshores", where the traceability of the activities of these companies is very easy. They had been there because they felt safer over the years and there is a more flexible tax regime," said Levan Vepkhvadze.

According to Levan Vepkhvadze, companies are studying this norm and will use the opportunity from their point of view. He explains that the initiative is not about any company registered offshore, but about the fact that the assets of this company should be transferred from offshore to the Georgian company.

"In this regard, there are no risks. In my experience, the issue of tax benefits is always a surprise and is never made clear in advance. If someone had known this in advance, he would have founded a company here and then used it. Therefore, it is always a surprise for business operators", says Vepkhvadze.

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