International audit firms help Georgia improve tax administration

World renowned professional firms providing audit, advisory and tax services are helping Georgia’s Ministry of Finance to improve the country’s tax administration.

Representatives from KPMG, EY, Deloitte, PWC, BDO and Dechert met the first Deputy Finance Minister Giorgi Tabuashvili and Deputy Minister Lasha Khutsishvili the day before yesterday.

The sides discussed all the initiatives planned to be implemented in Georgia’s tax administration, including reforms related to income tax.

The Georgian Government has started to make changes to the country's tax law in a bid to improve the investment climate, attract more investors and additional capital to the country.

The tax law amendments will support trade process of the securities on international stock exchanges, said Georgia’s Ministry of Finance.

Meanwhile, the Georgian Government has continued its efforts to liberalise the Tax Code and create better conditions for the business society.

In particular, the Government planned to implement the Estonian model of income tax reform. Following the Estonian Taxation Model, except profit-sharing businesses all other businesses should be exempt from income tax.

Recently. Georgia’s economic team has met with different professionals to receive their experience while working on the tax administration system in Georiga. (Agenda.ge)