Georgian PM Announces Massive Tax Debt Forgiveness
During the Government session on April 8, Irakli Kobakhidze, the Prime Minister of Georgia, announced a significant decision regarding unpaid tax debts incurred by natural persons, including individual entrepreneurs, before January 1, 2021.
He declared that all such debts, including penalty taxes, would be entirely written off. The Prime Minister stated that upon adopting the pertinent bill, approximately 145 thousand individuals would benefit from the write-off, with total tax debts amounting to GEL 590 million (equivalent to over USD 220 million).
Highlighting the rationale behind the decision, Prime Minister Kobakhidze noted the substantial number of individuals in Georgia burdened by tax arrears, which hindered their ability to engage in economic activities. Therefore, the government opted to alleviate this financial burden by clearing the outstanding debts.
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