REVENUE SERVICE: TAX ARREARS WRITTEN-OFF FOR SOME TAXPAYERS

Finance Ministry’s Revenue Service declared that in line with amendments to Tax Code (published on June 1), certain category of taxpayers has been released from tax arrears.

In particular, subject to write-off are tax arrears, collected before January 1, 2011, if taxpayer did not show activity since then (has not submitted tax declaration/calculation (except property tax declaration) or income is not fixed, according to submitted tax declaration/calculation). More...

NBG SOLD $20M

National Bank of Georgia (NBG) reported about selling of $20 million at the currency auction, held on September 22. Weighted average exchange rate made up 2.3117 GEL/USD. More...

AUSTRIA OPENED EMBASSY IN GEORGIA

Austria has opened embassy in Georgia, which is located on Griboedov Street in Tbilisi (near Rustaveli Avenue). Through July of this year, Austria executed diplomatic service in Georgia via embassy in Azerbaijan. More...

EBRD REGIONAL DIRECTOR: SAFETY AND QUALITY IN GEORGIA’S MEAT PROCESSION MUST BE IMPROVED AND ADJUSTED WITH EU STANDARDS

Bruno Balvanera, EBRD director for Caucasus, Moldova and Belorussia, declared that “safety and quality of Georgia’s meat procession need to be improved and adapted to EU standards”.

“Growth of meat products’ quality standard will help companies to improve their access to finances and attract strategic investors”, Balvanera said. More...

NBG: NEW 100 LARI BANKNOTES TO START CIRCULATION IN NOVEMBER

National Bank of Georgia (NBG) announced release of renewed 100 lari banknotes, which will be put in circulation in November in parallel with the old ones.

Banknotes with face value of 20 and 50 lari have been already in circulation since February 1, while 5- and 10-lari banknotes will be renewed later, NBG said. More...

AJARA ECONOMY AND FINANCE MINISTRY: FEASIBILITY STUDY OF COASTAL LINE COMPLETED

Economy and Finance Ministry of Ajara reported that feasibility study of coastal line has been completed.

The Ministry said that coast protecting structures will be built according to design, developed by Italian consulting company. More...

“TBC BANK” MOVED TO PREMIUM SEGMENT OF LSE

TBC Bank declared that 50 million of its shares are placed in premium listing of London Stock Exchange (LSE). Shares of TBC Bank are traded on LSE since 2014. More...

FIVE COMPANIES PROVIDE FINANCIAL LOSS INSURANCE

State Service for Insurance Supervision reported that as of June 30, insurance of financial losses was provided by 5 companies. These were GPI Holding, Ardi Insurance, Irao, Unison and IC Group. More...

PREMIUM DECREASED IN OBLIGATIONS’ INSURANCE

State Service for Insurance Supervision reported that total premium, attracted in obligations’ insurance as of June 30, amounted to 86 million lari (year-on-year decline – 13.5%). This category accounts for 1.2% of total insurance premium for the period. More...

“TAO” IS THE ONLY PROVIDER OF CREDIT LIABILITIES’ INSURANCE

State Service for Insurance Supervision reported that as of June 30, insurance of credit liabilities was provided by Tao only.

In the reporting period, the company attracted 7,323 lari. More...

MIXED FODDER FACTORY BUILT IN TBILISI WITHIN “PRODUCE IN GEORGIA”

Ministry of Economy and Sustainable Development reported that company Nutri Max has built mixed fodder plant within “Produce in Georgia” state program.

For that end, land plot of 30,394 square m, located in Ponichala settlement of Tbilisi, was handed over to the company within the program, the Ministry said. More...

Forbes Georgia: “UNION FOR GEORGIAN BUSINESS SUPPORT”

Main task of EU4Buinsess – EBRD Credit Line will be bringing products, manufactured in Georgia, in compliance with European standards, the magazine reports.

Within this facility, about 50 million EUR is being brought to Georgia as grant, which aims strengthening of financial and technical capacities of small and medium enterprises. More...

Netgazeti.Ge: “CLOSED TV PROGRAMS AND LAWSUITS ON TV COMPANIES’ OWNERSHIP – MEDIA FROM 2012 UNTIL THE PRESENT”

TI Georgia, Georgian branch of Transparency International, has released a summary report on changes, observed in Georgian media from 2012 until the present.

During these 4 years, changes were observed on advertisement media market, owners of some TV companies were changed, popular programs were shut down and cases of pressure on journalists had took place, the newspaper points. More...

Bankebi da Finansebi: “IN 2005-06, I GAVE SUBSIDY SUM TO SAAKASHVILI, IN THE 3^RD YEAR THEY REJECTED ME, SAYING – YOU DON’T KNOW ECONOMICS, BENDUKIDZE RULES”

At the meeting with local media in Kakheti region, ex-premier and billionaire Bidzina Ivanishvili pointed that “in 2005-2006, I gave money for subsidizing rtveli (vintage) in Kakheti to Saakashvili” (the president of the country for that time).

“In the third year, they rejected me – you don’t know economics, Bendukidze rules, Kakhetian wine and grape have no value, we could not deliver them to Europe and only brandy spirits should be produced”, Ivanishvili declared. More...

BUSINESS SECTOR – 2016, I-II QUARTERS

During the first half of 2016 compared to the corresponding period of 2015:

- Production value in the business sector increased by 10.8% as well as increased turnover (13.0%);

- There was an increase in the number of people employed in the business sector (5.8%, 32 400 people) and the average monthly remuneration (5.9%, 53.3 GEL).

In the first two quarters of 2016, compared to the corresponding period of 2015, production value in the business sector increased significantly (10.8%). More...