According to the data for 9M2022, GEL 1.8 billion was returned to the business in the form of excess VAT. According to Minister of Finance Lasha Khutsishvili, this figure will probably reach GEL 2.2 billion late this year.
"The return of value added tax would exceed 2 billion during the year, and with these statistics, we can safely say that it will be within GEL 2.2 billion annually. These are mainly enterprises that invest in Georgia and enterprises that export goods or services from Georgia," said Lasha Khutsishvili.
According to the Minister of Finance, this is a successful reform that works well and has successful results.
The automatic VAT refund system has been implemented since 2020. During 2021, a total of GEL 1.93 billion was returned to the business through it.
