General Principles of Formation of the Tax System of Georgia

Abstract

In recent years, the tax system of Georgia has undergone radical changes. New Tax Codes of Georgia were put into effect on January 1, 2005 and January 1, 2011, respectively, aimed at stimulating economic development, creating an attractive investment climate, supporting the business sector and raising the tax culture of taxpayers. The adoption of the Tax Code (hereinafter referred to as the TC) in 2005 was followed by the development of a number of regulations that eliminated the shortcomings and discrepancies in the tax system, and helped clarify controversial issues taking into account the specifics of the economic situation.