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Georgian Ministries Authoresses to Issue Grants

Published: September 29, 2011 | 10:24 pm
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Budget and Finance Committee Update

The COMMERCIAL TIMES

Georgian ministries will get authorized to issue grants. It was the topic of discussion on budget and Finance committee meeting on September 29. According to Andro Alavidze, the author of the initiative ministries will be allowed to issue grants for projects that will help them in achieving certain goals. In the end, this will be another assistant for non-government sector development.

Another issue was making import of copper fusion preparations VAT free and included in discount tax rate.

Division of warehouse types will no longer be valid since changes are made in the Tax Code. According to Zurab Melikishvili, Chairman of the Committee, the term of keeping goods in warehouses is increased up to 5 years. Re-export will be added to VAT taxable goods.

Accordinng to Rusudan Kemularia, Deputy Minister of Finance of Georgia, this law will increase State income budget as it envisions special fines in case trade companies violate rules.

 

 

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