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Georgia, one of the best low-tax jurisdictions

Written by: Bridgewest

Georgia_one_of_ the_best_low-tax_jurisdictions.jpgGeorgia’s secret to economic success lies in its low taxation and openness towards foreign investors. The country has been working on investing in key areas over the years and has never stopped encouraging business owners to open companies there. The reforms imposed in the country lead to the creation of a favorable market environment and, thanks to this careful planning and attention, Georgia is the country of choice for investors in numerous business areas.
 
While investing in Georgia may be facile, our Georgian company formation experts are qualified to assist and help you with any legal or corporate issues while doing business in Georgia. 
 

Ease of doing business in Georgia

 
Georgia is a country recognized for the ease of doing business as well as for its economic freedom. It also scores very well for lack of corruption and the public perception of the decrease of corruption is among the largest in the world.
 
One of the country’s greatest advantages for investors remains its low-tax regime. The country has implemented a three phase tax reform that started in 2004 and ended in 2011. With careful planning and by going through some essential steps, Georgia has managed to create an attractive taxation regime.
 
Foreign investors who choose Georgia as their gateway to a number of important markets can request the specialized services of our Georgian company incorporation experts.
 

Tax reforms in Georgia 

 
The first phase of the tax reform in Georgia took place between 2004 and 2007. The country began by fighting corruption and making some basic institutional changes. The second phase, from 2007 to 2009, aimed to improve institutional capacity and further reduce the tax burden. The third and final phase, which took place between 2010 and 2011, began with a comprehensive policy reform and a reduction in tax compliance costs, among other measures for customs and other services.
 
The total number of taxes in Georgia was reduced, over the years, from 21 to just 6. The VAT rate dropped from 20% to 18% and the corporate tax also decreased from 20% to 15%. Moreover, Georgia managed to abolish social security contributions.
 
For a comprehensive list of the applicable taxes for companies and individuals in Georgia, you can contact our Georgian company formation agents. We can also help you open a company in Georgia and comply with the taxation requirements.
 

 

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