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IFC and Georgia Engage Private Sector in Reforming Tax Administration

Published: April 8, 2013 | 2:31 pm
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IFC

Tbilisi, Georgia, April 8, 2013—IFC, a member of the World Bank Group, is working with the Georgian  Ministry of Finance and the Revenue Service to streamline value added taxation (VAT) procedures to make tax legislation more business-friendly and reduce compliance costs for businesses. IFC helped to host public-private dialogue sessions in Gudauri on April 6 and 7, collecting private sector feedback on how to create procedures that make it easier for businesses to comply with VAT regulations. The sessions brought together representatives of IFC, the Ministry of Finance, the Revenue Service, auditors, and tax consulting firms. “We are prioritizing the alignment of regulatory requirements with the standards of the European structures,” said Nodar Khaduri, Minister of Finance for Georgia. “Simplified domestic legislation and harmonized value added taxation procedures will help us achieve our long-term goal of joining the European Union.” The IFC Georgia Taxation Project helps the government align the country’s regulations with the standards of the European Union and the principles of the Organization for Economic Co-operation and Development. This helps encourage private sector development and attract foreign investment. “Our purpose in facilitating this type of public-private dialogue is to make sure that the voice of business is heard,” said Thomas Lubeck, IFC Regional Manager for the South Caucasus. “We will also help the policy makers use international best practices in streamlining the tax administration. The ultimate goal is to create rules that will spur business activity and create jobs.” The IFC Georgia Taxation Project is supported with funds from the government of Austria. Georgia became a member of IFC in 1995. Since then, IFC has invested $607 million in 49 projects across various sectors and supported regional projects developed in the country. IFC has also implemented a number of advisory projects focused on the development of the private sector. About IFC IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, our investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges. For more information, visit www.ifc.org. Stay Connected www.facebook.com/IFCwbg www.twitter.com/IFC_org www.youtube.com/IFCvideocasts www.ifc.org/SocialMediaIndex For more information about the Ministry of Finance of Austria,please visit: http://english.bmf.gv.at For more information about Georgia Ministry of Finance, please visit: www.mof.ge For more information about Georgia revenue Service, please visit: www.rs.ge

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