2018-02-15
We give priority to the development of entrepreneurship, especially small businesses. In my speech during the Cabinet's parliamentary approval procedures, I spoke about the launch of a second wave of small business assistance efforts building on the successful programs, such as Produce in Georgia, agricultural programs like Plant the Future, and others. We have come up with a new initiative, and I would like to thank Mamuka Bakhtadze for initiating a very interesting legislative package at today's Government meeting.
The new tax initiative introduces tax breaks for small businesses. In particular, their turnover taxes will be five times smaller, that is, one percent instead of five. In addition, while in the past small businesses were defined as businesses with a turnover of up to 100,000 GEL, from now on those with 500,000 GEL will also qualify as small businesses. We believe it to be a significant relief for those engaged in small business, a serious tax relief, and an incentive, of course, for those planning to start their own small businesses. I am convinced that our entrepreneurs will embrace this initiative to establish new businesses-a breath of fresh air for small business owners and their enterprises.
Prime Minister's Press Office