FINANCE MINISTRY: IN 2021, TOTAL ESTIMATED TAX EXPENDITURES INCREASED IN NOMINAL EXPRESSION, BUT DECREASED IN RELATION TO GDP

In 2021, Georgian enterprises’ total estimated tax expenditures increased in nominal expression, but decreased in relation to GDP, Georgian Finance Ministry said in the prepared report.

In particular, tax expenditures in 2021 totaled to 2.76 billion lari, making up 4.6% of GDP, which is lower than in 2020 (5.2% of GDP) and 2019 (5.7% of GDP), the Ministry specified. More...

FINANCE MINISTRY: IN 2021, TAX COSTS ON DISTRIBUTED PROFIT TAX MADE UP 0.07% OF GDP

In 2021, estimated tax costs on distributed profit tax (DPT in Estonian model of taxation) totaled to 42.8 million lari (0.07% of GDP), says the report published by Georgian Finance Ministry. The Ministry points that this is a high indicator, in comparison with the previous years. More...

IN 2023, GEORGIAN GOVERNMENT PLANS TO USE LONG-TERM INVESTMENT LOANS OF 1.84B LARI

Georgian state budget-2023 envisages use of long-term investment loans totaling to 1.84 billion lari, which were allocated to the country by international financial institutions and foreign governments. It is also planned to mobilize a 400 million lari in the budget support. More...

AT THE END OF 2023, PROJECTED NET GROWTH OF DOMESTIC LIABILITIES OF THE GEORGIAN GOVERNMENT MAKES UP 1.4B LARI

Georgian state budget-2023 projects revenues from emission of treasury securities (bills and bonds) in the amount of 3.1 billion lari. At that, reduction of domestic obligations should amount to 1.7 billion lari. More...

NEW CUSTOMS CHECKPOINT TO BE BUILT ON THE BORDER WITH AZERBAIJAN

Georgian Revenue Service announced plan on construction of a new customs checkpoint on the Georgia-Azerbaijan border.

To this end, the Service held today a working meeting with representative of the Asian Development Bank (ADB), who works on creation of concept of the checkpoint. More...

GEORGIAN PREMIER MET WITH REPRESENTATIVES OF “APM TERMINALS” AND “TAV AIRPORTS”

Today, Georgia’s Prime Minister Irakli Garibashvili met with representatives of APM Terminals (operator of Poti seaport).

Representatives of APM Terminals expressed their readiness to increase investments and modernize the existing infrastructure, administration of the Georgian government reported. More...

AS OF SEPTEMBER 30, PROFIT OF “LIBERTY BANK” INCREASED BY 9.8% Y-O-Y

Liberty Bank reported net profit of 39.86 million lari for the 3^rd quarter. If compared with the same period of 2021, the volume has increased by 9.8%. More...

AS OF SEPTEMBER 30, “SILK ROAD BANK” REPORTED LOSS

Silk Road Bank reported loss of 2.54 million lari for the 3^rd quarter. In the same period of 2021, the bank had net profit of 1.36 million lari. More...

Netgazeti.Ge: “WHAT THE INSURANCE SECTOR THINKS ABOUT POSTPONEMENT OF THE “ESTONIAN MODEL””

Giorgi Baratashvili, executive director of Georgian insurance company Aldagi, considers that “non-participation of the insurance sector in the Estonian model would be absolutely ruinous”. “I am glad that the government has envisaged our multiple meeting, letters, and separated the insurance sector from the financial industry as a whole”, he says. More...

Bankebi da Finansebi: “BAKUR ABULADZE – SHARE OF INVESTIGATIONS, LAUNCHED ON MONEY LAUNDERING ARTICLES, HAS INCREASED COMPARED TO PREVIOUS YEARS”

“The share of investigations, launched on money laundering articles, has increased” this year, compared to previous years, said Bakur Abuladze, Georgia’s First Deputy Prosecutor General. This “indicates an improvement in mechanisms for detecting crimes in this direction”, he stressed. More...

Forbes Georgia: “IN TERMS OF OFFICIAL INTERNATIONAL RESERVES, GEORGIA RANKS 91^ST IN THE WORLD”

The magazine reports that in terms of official international reserves, Georgia ranks 91^st among 152 countries of the world.

As of December 31, 2021, foreign reserve assets of the National Bank of Georgia totaled to $4.27 billion. More...

Forbes Georgia: “WITH SUPPORT OF “TBC”, ANOTHER HOTEL, “MONARCH”, WAS BUILT IN BATUMI”

The hotel Monarch, located in the historical part of Batumi, was opened in this June. The building for the hotel was acquired by Ins Group in 2020 with the support of TBC Bank. More...

MONTHLY TOURISM UPDATE (OCTOBER 2022)

- Adventure tourism, which includes visits to natural attractions and Protected Areas, is among the value chains of the Georgian tourism sector. Generally, the number of international visits over the covered period that included visits to natural attractions was considerably higher than among domestic visits. More...