Thanks to a number of reforms that have been undertaken by the country's leadership recently. So said George Kobulia, Minister of Economy and Sustainable Development of Georgia. “We are pleased that this year the World Bank appreciated our reforms. For example, we exempted reinvested capital from taxes. The procedures for registering VAT payers were also simplified, and this was noticed, ”he said.
Reinvested capital tax exemption has been in force in Georgia since the beginning of 2017. The same approach has been introduced in Estonia. The essence of this method is that that part of the profits of companies that is directed to investments is exempt from taxation. The simplified procedure for registering VAT taxpayers has been in force in the country since July 2018. According to it, small business owners do not lose the status of an individual if they are registered as a VAT payer. At the same time, they do not pay current taxes and declare their income through simplified registration.
The Minister of Economics is also confident that the fact that since December 2017 the principle of electronic redistribution of cases in court has worked in the country has positively affected the position of Georgia in the ranking. “We have also made serious progress in the judicial system - a rule was introduced to redistribute cases between judges on the principle of random selection of cases, which increases the chances of making better decisions and reduces subjectivity in our judicial system,” said Kobulia.
Thus, Georgia is the best country for business in its region. Recently, thanks to progressive reforms, the Georgian government has been actively creating an attractive business environment in the country.
More information - https://en.wikipedia.org/wiki/Georgia_(country)
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