GEORAIA: GOVERNMENTEe'S 4 PILLAR REFORM PLAN TO BOOST GROWTH.
Summary: Giorgi Kvirikashvili, the country's Prime Minister since December 29, 2015, put forth 4 pillars of reform initiatives to speed up economic growth in the face of a challenging external environment.
Giorgi Kvirikashvili, the country's Prime Minister since December 29, 2015, put forth 4 pillars of reform initiatives to speed up economic growth in the face of a challenging external environment. The proposed measures, extensively communicated with and supported by private sector participants, include: Tax code amendments aimed at further liberalizing tax and customs procedures - The deal includes Introduction of the Estonian model, which envisages the application of corporate income tax only to distributed profit; reinvested profit will be exempt. During the tax inspection period, the tax authority will be required to obtain the relevant court judgment in order to seize bank accounts. Only the tax authority will be authorized to conduct tax inspections. VAT will not be applied to the import of fixed assets. Governance reform - Legal persons will receive government services based on a single window principle, similarly to how ordinary citizens currently receive services at public service halls. Speeding up infrastructure projects implementation - The management of infrastructural projects will be modernized to accelerate implementation. Projects that have a particular impact on GeorgiaEe's economic development are slated for completion within 3-4 years. Education system reform - The reform intends to create professional and higher education systems that are in line with the demands of the labor market in Georgia.
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