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Georgian Legislative Tracking
Legislative Tracking is a monthly newsletter designed to highlight the most significant legislative changes, proposals and events as reported in the Georgian press.
On 29 June 2023, the Draft Law on Holding of the Dematerialized Securities has passed its first reading at the Parliament of Georgia. The Draft Law regulates possession, ownership right, transfer and circulation of the dematerialized securities. The Draft Law also determines respective authorities ofthe National Bank of Georgia.
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Parliamentary Committees are discussing the Amendments to the Law on Money Laundering and Facilitating the Prevention of Terrorism Financing. According to the Amendments the limitations of the applicability of the law to accountable persons is being tightened and accountable persons become obliged to reflect the risks of money laundering and terrorism financing related to their activity.
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On December 1, 2022, Parliament passed a draft law amending the Law “On Medicines and Pharmaceutical Activities" on its third reading. The amendments set reference prices for medicines determining the upper price limits for medicines being sold. Initially, reference prices will apply to 1,000-1,200 medicines used to treat chronic diseases and malignant tumors, although it is planned to extend the reference prices to other medicines in the future.
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On November 22, 2022, the Parliament European Integration Committee supported agreements on Georgia's enrollment in the EU Tax Program and its participation in the EU Customs Program presented for ratification. Georgia's enrolment in the EU Tax Program will give it the opportunity to develop information technology, create new information system components, and support the development, operation and quality control of existing systems.
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In order to fulfill obligations stipulated by the Georgia-EU Association Agreement, a draft voluntary privatepension law was submitted to the Parliament on October 10, 2022. The law aims to develop the voluntary private pension market in Georgia; ensure free competition in the market; ensure the financial sustainability of voluntary private pension schemes; encourage long-term investments and the protection of beneficiary interests.
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On 20 September 2022, a draft law amending the Law “On Broadcasting" passed its first hearing in Parliament. The changes aim to meet Association Agreement obligations and implement EU directives on audio visual media services in Georgian legislation.The bill envisages effective response mechanisms to theuse of hate speech and terrorism incitement andprovides regulations for on-demand audiovisual mediaservices and video sharing platforms.
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The EU public procurement market opens for Georgian companies based on the Decision of the Georgia-EU Association Council, published on July 22, 2022. According to the decision of the Association Council, any business registered in Georgia will have the opportunity to participate in the tenders announced by the central authorities of the EU member states for the purchase ofgoods and compete fairly with foreign suppliers.
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The Order enters into force on 1 March 2022, regulating a number of issues:
- the status of VAT payer
- granting and revoking the status of unqualified VAT payer
- transfer of the taxpayer to the special rule regarding the use of the VAT tax invoice
- and etc.
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On 31 December 2021, the Minister of Justice of Georgiaissued Order No 797, approving Instruction OnRegistration of Entrepreneurial and Non-entrepreneurial(Non-commercial) Legal Entities and abolishing thecurrent Instruction On Registration of Entrepreneurialand Non-entrepreneurial (Non-commercial) Legal Entities(approved by Order No 241 of 31 December 2009).
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