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DAILY NEWS May 20, 2019

IN MTATSMINDA MAJORITY CONSTITUENCY, THE 2ND ROUND OF ELECTIONS TO BE HELD

According to last information of Georgian Central Election Commission (CEC), results of intermediate and early elections, which took place on May 19, are counted for all 410 polling precincts.

According to preliminary data, there will be 2nd round of elections in Tbilisi’s majority constituency Mtatsminda, the CEC reported. More...


IN Q1, UNEMPLOYMENT RATE DECREASED BY 1.2 PP Y-O-Y

Sakstat reported that Georgia’s unemployment rate in the 1st quarter made 12.8%, decreasing year-on-year by 1.2 percentage points (pp).

To compare, unemployment rate in 2018 has decreased year-on-year by 1.2 pp and made up 12.7%. More...


IN Q4 OF 2018, RATIO OF HOUSEHOLDS’ DEBT TO GDP INCREASED BY 3.3 PERCENTAGE POINTS Y-O-Y

National Bank of Georgia reported that in the 4th quarter of 2018, ratio of Georgian households’ debt to GDP of the country made up 36.7%.

To compare, the ratio in the 4th quarter of 2017 made up 33.4% (i.e. year-on-year growth was 3.3 percentage points (pp)). More...


IMF MANAGING DIRECTOR VISITS GEORGIA

Managing director of the IMF Christine Lagarde arrived with her first ever working visit to Georgia (May 19-21).

At the news conference, joint with Lagarde, Georgia’s Prime Minister Mamuka Bakhtadze declared today that IMF unambiguously positively estimates ongoing reforms in Georgia and the program, which is implemented with assistance of the Fund. More...


ECONOMY MINISTER: BEFORE CONSTRUCTION OF “BUSINESS HOUSE”, SO-CALLED “DIGITAL SPACE” WILL BE ENACTED

Georgia’s Minister of Economy and Sustainable Development Natia Turnava declared that digital space of so-called “Business House” will be launched before completion of construction of the house itself. Citizens will be able to track own application and to obtain necessary information from house or branch of any bank, she explained. More...


RULE OF ASSIGNMENT OF STATUS OF CERTIFIED ACCOUNTANT IS APPROVED

Chief of Georgian Service on Supervision over Accounting, Reporting and Audit approved rule of assignment of the status of certified accountant. Respective order has entered in force upon publication (on May 20). More...


CONSTRUCTION OF RIKOTI PART OF THE HIGHWAY IS BEGUN

Georgian Ministry of Regional Development and Infrastructure declared about start of construction of part of East-West Highway (E60), which passes Rikoti pass (between eastern and western parts of Georgia).

As the Ministry noted, works are underway on Khevi-Ubisa (12.2 km) and Ubisa-Shorapani (13 km) sections. More...


MODERNIZATION OF KUTAISI BYPASS ROAD IS BEGUN

Modernization of Kutaisi bypass road (construction of 4-lane highway) is begun, Georgian Ministry of Regional Development and Infrastructure reported. Construction is planned to complete in the end of 2020. More...


REGULATING COMMISSION: BROADCASTERS’ ADVERTISING INCOME INCREASED BY 8%, TIME FOR COMMERCIALS – BY 25%

Georgian National Communication Commission reported that advertising income of broadcasters of the country increased in the 1st quarter by 8% year-on-year. In turn, their total advertising time increased by 25%, the Commission said. More...


“GEORGIAN AIRWAYS” TO CONDUCT SEASONAL CHARTER FLIGHTS TO AMMAN, DAMMAM, BAHRAIN, BEIRUT AND DUBAI

Georgian Civil Aviation Agency declared that Georgian Airways will conduct during summer navigation season charter flights from Tbilisi, focused on transportation of tourists. The flights will be made by Boeing 737, Embraer ERJ-190 and CRJ-200, the Agency noted. More...


ECONOMIC PRESS MONITOR May 21, 2019

Forbes Georgia: “WHAT CHRISTINE LAGARDE TOLD TO US”

Among factors, essential for ensuring high growth rate in Georgia in medium-term period, IMF managing director Christine Lagarde names labor productivity and creation of quality jobs, the magazine writes.

“In Georgia, the forecast of medium-term GDP growth makes up 5.2%. More...


Forbes Georgia: “UNPROFITABLE BUSINESS OF THE GOVERNMENT”

Referring to fiscal risk analysis of Georgia’s budget-2019, the magazine points that state companies had losses of 562 million lari in 2017.

Whereas, for example, in 2012, turnover of Georgian state enterprises made up 2 billion lari, while their net profit – 151 million lari, the magazine reports and notes: since 2013, profit was replaced by losses. More...


Tabula: “NDI: 90% OF POPULATION DID NOT USE VISA LIBERALIZATION”

Answering the question “Whether You traveled to any country of the so-called European Schengen area after enactment of visa-free regime with the EU, after summer of 2017?”, asked within the new survey of National-Democratic Institute (NDI), 90% of Georgian respondents say that you did not travel, Tabula reports. 5% answered that they traveled once, while 3% had traveled several times. More...


Tabula: “NDI: 59% OF POPULATION CONSIDER THAT GEORGIA IS NOT READY FOR THE EU MEMBERSHIP”

According to a new survey of National-Democratic Institute (NDI), 59% of Georgian population consider that their country is not ready for the EU membership, Tabula reports. 27% consider that the country is ready, while 14% do not know. More...


SPECIAL REPORT April 23, 2019

TAX & LAW BRIEF

AMENDMENTS TO THE INSTRUCTION ESTABLISHED BY THE ORDER N996 OF MINISTER OF FINANCE OF GEORGIA

According to the recent amendments to the Instruction Established by the Order N996 of Minister of Finance of Georgia dated 29 March 2019:

- The VAT payer shall apply to tax authority with the request to cancel VAT registration, if the following requirements are satisfied simultaneously:

-- The registration was voluntary;

-- No more than 30 calendar days have passed since the registration date;

-- The fact of requesting – issuing the VAT invoice has not been confirmed;

-- No VAT declaration has been submitted;

-- In accordance with the amendments, the form of application for cancellation of the VAT payer’s status was changed.

Source: The Legislative Herald of Georgia, 22 April 2019. More...


Exchange Rates (NBG)
  05/21/19 + / -
  USD   2.7676   0.0206
  EUR   3.0848   0.0205
  RUR   4.2905   0.0346
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