Details of the Association’s legislative proposal in “Business Formula”

The Association of Georgian Virtual Zone Persons, in collaboration with lawyers and experts, submitted a legislative proposal to the Parliament. The “Business Formula” covered the details of the meeting and the business initiative. The legislative initiative will already regulate the taxation rules and issues related to companies with Virtual Zone status at the legislative level, and these rules will no longer be specified only in the methodological references of the Revenue Service. The representatives of the Association have already held meetings in the parliament, and they are waiting for the new position of the Ministry of Finance.

The Association, together with the experts, remains in the position that it is necessary and important to implement legislative changes. By resolving this issue, a stable business environment will be restored, and additional investment will flow into the country. Some of the companies, which were completely removed from the fines, think that, on their initiative, they will again enter into a dispute with the state for the moral and financial damage caused to these companies as a result of the two-year audit and the decisions made. With this legislative initiative and these changes, the Association is attempting to finally close this dispute process.

“Vague and unclear legislation remains a problem, raising the prospect of future tax pressure on businesses. This situation does not leave investors with a feeling of stability. Therefore, we in the Association believe that it is necessary to write down in detail how companies with this status are regulated and taxed through legislative changes. By resolving this issue at the legislative level, we will create a stable environment for business and encourage additional investments in the IT field in the country, as well as the maintenance of existing ones, which has been quite difficult during these two years,” said Shorena Kopaleishvili.