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VAT reform based on international practice

Significant changes are planned in the Tax Code from 2021, change Refers to value added tax. In particular:

 

·          The process of VAT administration will be significantly simplified;

·           Defined terms whose correct interpretation is essential for VAT taxation;

·           Expanding the list of services, the provision of which will not be taxed outside Georgia;

·          Temporary importation of goods is no longer considered a taxable transaction

·          In addition to educational and medical services, the supply of directly related and ancillary          services or goods is exempt from taxation;

·         Medical, educational and separate social activities will not be taxed by the organization in order to raise funds;

·         Will not be taxed on the delivery of a sample of goods or a gift of small value;

·         Simplify regulations related to VAT on the free transfer of goods;

·         A natural person paying VAT will no longer be restricted from registering with the cash method;

These changes will significantly simplify the fulfillment of tax obligations, improve the investment environment and the process of establishing Georgia as a center of international services

 

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