NBG: AMENDMENTS TO TAX CODE, RELATED TO RELOCATION OF OFFSHORE ASSETS TO GEORGIA, WILL NOT CAUSE CHANGE OF PROCESSES IN FINANCIAL SYSTEM

Amendments to the Tax Code, which impose exemption from profit/income tax for companies registered in the country with preferential tax regime (offshore) and an individual partner (when relocating assets to Georgia), “do not extend and do not regulate banking operations, since the crediting/transfer of funds is not taxed separately”, National Bank of Georgia (NBG) said in the statement released today.

“Such transactions by the Georgian banking system are rigorously verified anyway and that will continue in the future”, NBG emphasized.