According to the Minister of Finance, in 2023, the so-called Estonian model of profit tax will not apply to the financial sector

According to the Minister of Finance, Lasha Khutsishvili, in 2023, the so-called Estonian model of profit tax will not apply to the financial sector.­

As the Minister of Finance said at the briefing after the session in the Government Administration, it will be known later as to what will be the long-term taxation policy of the sector.

"As for the profit tax, it should be noted that the so-called Estonian model of profit tax will not apply to the financial sector next year. It was possible to see this from the presented budget. Naturally, the fiscal effect of this is quite significant in the direction of reduction. We have not reflected this type of reduction in the profit tax in the budget. In the following year, the sector will not be transferred to the so-called Estonian model of profit tax, that is, on the distributed tax model. It will be known later as to what will be the long-term taxation policy of the sector," said Lasha Khutsishvili.

For information, according to the draft budget submitted to the Parliament of Georgia, tax revenues in 2023 amount to 14 473.0 million GEL, which is an increase of 1 049.4 million GEL compared to the approved plan. The predicted rate of income tax is determined at 4 590.7 million GEL (increasing by 290.7 million GEL); The predicted rate of profit tax was is at 1 829.0 million GEL (increasing by 209.0 million GEL); The predicted rate of value added tax is set at 5 826.3 (increasing by 427.7 million GEL).

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