We expect to have more than GEL 500 million in "Other Taxes" by the end of the year, - GD Deputy Minister of Finance Giorgi Kakauridze, satated at the Finance and Budget Committee on Monday.
He explained why "other taxes" were performed by 261% at the end of the first quarter.
"Once again, I would like to clarify what is included in the other taxes section. Any tax obligation that a company fulfills and before submitting its declaration [by the 15th of the following month] is included in the other taxes section. Then, immediately after submitting the declaration, it is included in the form that belongs to this or that tax. This is most often the case with income tax. The same can be the case with VAT, before submitting the declaration and then it is already reflected in its appropriate form. Therefore, the reason why the amount was included in other taxes is not new, it is like this every month.
I will tell you what happened at the end of the first quarter in very simple numbers - 339 million was included in other taxes by the 15th of the following month, that is, by April 15, an additional 257 million GEL was included in other taxes. In the end, out of 596 million GEL, after the declarations were submitted on April 15, 419 million GEL was distributed to the appropriate forms and as of April 15, there are 114 million GEL left in taxes. As of today, other taxes have been completely reduced. We should never be surprised that funds will be mobilized in other taxes. We expect more than 500 million GEL annually by the end of the year," Kakauridze said at the committee.
