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Fall in VAT Taxable Turnover

Published: August 2, 2013 | 9:23 am
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According to the preliminary data published by the National Statistics Service, the VAT taxable turnover in June was 3 066 000 000 GEL, which is 3.2% less than was recorded during the same period last year. In April, the turnover had been up by 5.6% compared to the previous year. The President of the New Economic School Paata Sheshelidze has told TV3 that the drop in VAT taxable turnover during the first quarter is connected with the overall slowing of the economic growth rate. He explains that the drop in the turnover is caused by the lower purchase and sales figures at businesses, as well as a reduction in the number of paying customers on the market.
Another economics expert Vazha Kapanadze links the fall in the VAT taxable turnover to the recent suspension of several projects and reduced investment. However, he does not consider the drop in turnover to be a wholly negative process.
According to the National Statistics Service data, the VAT taxable turnover fell by 5.8% during the month of May, which constituted a record drop for this year.

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