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Wirtschaftsreform

Over the last few years Georgia has implemented important economic reforms. The reforms, addressed to establishment of an attractive business environment, led to significant inflow of Foreign Direct Investment in the country, establishment of new job places and sustainable economic growth in all spheres of economy; the reforms provide for improving well-being of population of the country.   

Privatization policy, which was implemented in the country, facilitated the attraction of both direct foreign and local investments and promoted the increase of the private sector.

One of the main goals of Georgia's economic policy is to develop private entrepreneurship and to create favourable for them climate. The economic reforms are addressed to economic growth based on the private sector development. 

Anticorruption Measures

One of the core objectives of the Georgian Government is fighting against corruption. The anti-corruption measures administered in the country are aimed at reforming law-enforcement and judicial systems, as well as the fiscal, administrative and public service sectors.

The recent anti-corruption measures and the reformed tax policy have significantly improved fiscal administration and scaled down Georgia's shadow economy.

Improved system of technical regulation

The system of technical regulation was reformed to give way to the system of voluntary standards and to reduce state regulation in this sphere.

Introduction of voluntary standardization in Georgia provides an entrepreneur with the opportunity:

  • to choose a standard registered in the country for his business;
  • to choose any international or regional standard of any country and to use it for his business;
  • to develop his own standard for a new production, to register it at the Georgian National Agency for Standards, Technical Regulation and Metrology and to use it for his business;
  • to have consultations when choosing and developing standards.

Preferential foreign trade regimes

From 2003 foreign trade turnover of Georgia is characterized with increasing tendency that upholds state's liberal trade policy.


Preferential trade regimes that work in a state are as follows:


  • Free Trade Regime - with CIS (Commonwealth of Independent Countries) countries and with Turkey (from 1 November 2008);
  • Most Favored Nation (MFN) Regime - with World Trade Organization (WTO) member states;
  • Generalized System of Preferences (GSP) - with USA, Canada, Japan, Switzerland and Norway;
  • GSP + with European Union from 2005 (more than 7,200 type of products).

Negotiations with the European Union (EU) concerning a Deep and Comprehensive Free Trade Area (DCFTA) between Georgia and the EU are at the last stage; the DCFTA (Deep and Comprehensive Free Trade Area) is an integral part of the widerAssociation Agreement between the EU and Georgia; consultations are held to sign the Agreements on Free Trade with the USA.

Georgia has concluded Double Taxation Avoidance Agreements with 33 countries; and has bilateral Agreements on InvestmentPromotion and Mutual Protection with 32 countries.

Links:

www.economy.gov.ge

www.investingeorgia.org

http://georgia.gov.ge/

http://www.tradewithgeorgia.com/

www.mof.ge

www.rs.ge

 

Free Industrial Zone (FIZ)

 

Georgia has Free Industrial Zones in Poti and Kutaisi.

The Law "On Free Industrial Zones" was adopted in 2007 to encourage foreign investment in Georgia, to stimulate exports and to develop Georgia's international trade-transit activities. The FIZs favorable tax and customs framework creates strong incentives for international companies to develop their production bases within these zones.

Incentives for companies working in Georgia's FIZs:

  • FIZ incorporated entities are exempt from Property Tax;
  • No VAT applies to foreign-made goods imported into the FIZ;
  • No VAT applies to the transactions carried out in the FIZ;
  • No Customs Duty applies to foreign-made goods imported into the FIZ;
  • No Customs Duty applies to the export of goods produced in the FIZ within the territory of Georgia (outside the FIZ);
  • Payment can be carried out in any currency within the FIZ;
  • No restrictions on capital repatriation;
  • Profit gained by a FIZ incorporated enterprise is exempt from the Profit Tax in the FIZ in compliance with the Tax Code of Georgia, except for the cases stipulated by this Code. 

 

 

 
 

 

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