Starting in 2026, the imports and supply of investment gold will be exempt from value-added tax (VAT) in Georgia, following amendments already incorporated into the Tax Code. The bill was initiated by the Ministry of Finance, which argues that the current VAT regime discourages the imports of gold for investment purposes and limits Georgia’s potential to attract such capital.
However, the accelerated adoption of the exemption has raised concerns among economists. Giorgi Khishtovani, an economist, questioned the rationale behind positioning Georgia as a regional gold hub, noting that the measure appears poorly justified given the structure of the local investment market.
“This is the abolition of VAT on imports, meaning certain individuals will be able to buy gold abroad and bring it into Georgia without paying taxes,” Khishtovani said in an interview with BMG. “Who in Georgia today actually has the resources to invest in such expensive assets, and for whom VAT would be a decisive obstacle? I find it difficult to imagine such investors.”
Khishtovani drew parallels between the new initiative and the previously adopted offshore law, suggesting that similar arguments were used in the past to justify legislative changes. “At that time, the government also spoke about attracting financial investments, but in practice it resulted in Bidzina Ivanishvili transferring his son’s assets from offshore jurisdictions to Georgia. This creates a similar impression today,” he said, adding that the lack of prior discussion or clear economic justification deepens suspicions around the amendment’s true beneficiaries.
