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DAILY NEWS December 12, 2018

NBG LEFT THE REFINANCING RATE INTACT

National Bank of Georgia (NBG) reported that its Monetary Policy Committee decided today to maintain the refunding rate intact. Respectively, the rate still makes up 7%. More...


SPEAKER: RIGHT AFTER ENTRY IN FORCE OF THE NEW CONSTITUTION, MORATORIUM IN CONNECTION WITH FARMLANDS WILL BE RESTORED IN ABSOLUTE FORM

Chairman of Georgian Parliament Irakli Kobakhidze declared that after inauguration of the 5th president of Georgia (on December 16), when the new edition of Constitution will enter in force, the moratorium in connection with farmlands will be restored in absolute form (the matter concerns prohibition on farmland ownership for foreigners). “Proceeding from this, there will be no problems in this direction”, he said. More...


FINANCE MINISTER: EXPENDITURE OF THE STATE BUDGET-2019 EXCEEDS 13B LARI FOR THE FIRST TIME

Expenditure of the state budget for 2019 exceeds 13 billion lari for the first time, Georgia’s Finance Minister Ivane Machavariani declared, presenting draft of the state budget-2019 at the Parliament session today.

In the revised draft, expenditure of the state budget is additionally increased by 92.4 million lari, including growth in respect of infrastructure by 40 million lari, the Minister noted. More...


ECONOMY MINISTER: THE MAJOR CHALLENGE TODAY ARE LABOR QUALIFICATION AND LOGISTIC ADVANTAGE

“The major challenge today are two major factors, determining competitiveness of Georgia, such as labor qualification and logistic advantage”, Georgia’s Minister of Economy and Sustainable Development Giorgi Kobulia declared.

“If we do not improve skills of labor force, we will find difficult to accelerate growth of investments and business activity”, the Minister noted. More...


THE EU AND EIB TO ASSIST PREPARATION OF TECHNICAL RESEARCHES FOR NEW INVESTMENTS IN GEORGIA’S ROAD NETWORK

Today, representatives of the EU and European Investment Bank (EIB) signed the new project, envisaging assistance to development of new and safe roads in Georgia, the EU representation in Georgia reported. Implementation of the project will begin in January 2019. More...


INTRODUCTION OF TECHNICAL REGULATIONS ON RADIO EQUIPMENT USE IS PLANNED

Georgian National Communication Commission considers possibility of implementation of the EU Directive 2014/53/EU, which concerns use of radio equipment.

The Commission said that in line with commitments, undertaken under Agreement on Association with the EU, draft of technical regulations was developed together with Lithuanian experts. More...


JOINT PROJECT OF THE EU, SWEDEN AND AUSTRIA TO ASSIST TO DEVELOPMENT OF SVANETI, RACHA-LECHKHUMI AND IMERETI

On International Mountain Day (December 11), the project “Green Economy: Sustainable Mountain Tourism and Organic Agriculture” (GRETA) was signed, the EU representation in Georgia reported.

As the representation noted, the 4-year project worth 6.8 million EUR, which implementation will begin in 2019, will assist to development of Georgia’s regions Zemo Svaneti, Racha-Lechkhumi and Kvemo Svaneti and Imereti. More...


MINISTER OF ENVIRONMENTAL PROTECTION AND AGRICULTURE: WE EXPECT IN 2018 EXPORT FROM GEORGIA OF AGROFOOD PRODUCTION OF ALMOST $1B

In 2018, we expect export of agrofood production from Georgia of almost $1 billion, Georgia’s Minister of Environmental Protection and Agriculture Levan Davitashvili declared.

As the Minister noted, the country’s negative balance of trade with agrofood production amounted to about $900 million. More...


MINISTER OF ENVIRONMENTAL PROTECTION AND AGRICULTURE: IN NEXT YEARS, JAPAN AND SOUTH KOREA WILL BE ADDED TO GEORGIAN WINE’S EXPORT GEOGRAPHY

Georgia’s Minister of Environmental Protection and Agriculture Levan Davitashvili declared that in next years, Japan and South Korea will be added to Georgian wine’s export geography. An interesting segment is also the US, he pointed. More...


MINISTER OF ENVIRONMENTAL PROTECTION AND AGRICULTURE: MARMORATED STINK BUG IS ONE OF MAJOR CHALLENGES IN AGRICULTURE, BUT STILL THE SHORT-TERM ONE

Georgia’s Minister of Environmental Protection and Agriculture Levan Davitashvili declared that marmorated stink bug (Halyomorpha halys, the pest) is “one of major challenges in agriculture, but still the short-term one”. “Leading entomologists of the world say to us that Georgia will be able to solve a problem of marmorated stink bug in 2-3 years”, he noted. More...


ECONOMIC PRESS MONITOR December 13, 2018

Forbes Georgia: “GEORGIA: THE 6TH PLACE IN THE DOING BUSINESS RATING”

In the latest Doing Business rating of the World Bank, Georgia occupies the 6th place (against the 9th one in the previous rating). Georgia is outstripped only by New Zealand, Singapore, Denmark, Hong Kong and South Korea. More...


Bankebi da Finansebi: “FROM MKHEDRIONI TO BUSINESS – IMPRESSIVE BUSINESS INDUSTRY OF GIORGI RAMISHVILI (ZARALA)”

Giorgi Ramishvili, aka “Zarala”, started activity in 1990-es, when he was member of paramilitary organization Mkhedrioni and criminal group Vera Brotherhood, the newspaper says.

After National Movement came to power, Ramishvili was arrested in 2005, but then released “in exchange for unknown sum”, the article reports, noting that his successful business activity begins after this. More...


Bankebi da Finansebi: “ANAKLIA PORT – THE ONLY WAY OUT OF THE LOGISTIC CRISIS”

Currently, because of lack of deep-water port, Georgia cannot receive 75% of container vessels, sailing in the Black Sea, the newspaper says. This problem has to be solved by deep-water port Anaklia, the 1st phase of which construction is planned to finish at the end of 2020. More...


Tabula: “THE PARLIAMENT FAILED TO VOTE THE DRAFT BUDGET-2019 – THE REASON WAS LACK OF QUORUM”

Voting draft of Georgia’s state budget-2019 in the Parliament failed because of lack of quorum, Tabula reports. As the article specifies, 67 MPs passed registration for voting, while at least 76 was necessary. More...


SPECIAL REPORT November 20, 2018

YOUR TAX DISPUTE INFOGUIDE

Your Tax Dispute InfoGuide is prepared by PricewaterhouseCoopers (PwC) Georgia, based on the decisions of the Georgian Revenue Service and the Dispute Settlement Authorities of the Ministry of Finance of Georgia. We will be offering a brief review of the factual circumstances of the select cases, including the results of the examination and the decision of the dispute. More...


Exchange Rates (NBG)
  12/13/18 + / -
  USD   2.6642   0.0048
  EUR   3.0308   0.0164
  RUR   4.0143   0.0115
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