Georgian Tax News
Georgian Profit Tax Reform
After almost half a year of discussions and hearings the Georgian Parliament has formulated amendments to the Tax Code of Georgia.
In May 2016, the Parliament adopted and the President signed into law the amendments and addendum to the Tax Code of Georgia. The mentioned amendments will change the existing profit tax regulations to the so-called “tax on distributed profits” model, very similar to Estonian one. The new profit tax rules will be effective as of 1 January 2017, however these rules will not apply to commercial banks, credit unions, insurance organizations, microfinance organizations and pawnshops until January 2019.